NLC India revalidates Vision 2047 with focus on Green Initiatives
Published: Sep 14, 2024
By TIOLCorplaws News Service
NEW DELHI, SEP 14, 2024: WITH the guidance of Union Minister of Coal and Mines, G. Kishan Reddy, the nation has made significant strides towards a sustainable and low-carbon future. India is committed to a low-carbon emission path while pursuing its development goals, as pledged at COP 26. The nation aims to achieve 500 GW of non-fossil energy capacity by 2030. As a leading and responsible Central Public Sector Enterprise, NLC India Limited (NLCIL) plans three - fold increase in its total power generation capacity by 2030 to address the dual requirements of energy security and sustainability. NLCIL aims to achieve a renewable energy (RE) portfolio mix of 50% of its total planned capacity, increasing its RE capacity from 1.43 GW to 10.11 GW.
The above plan entails an investment of Rs. 50,000 Cr (approx) in Renewable portfolio, which will support India's RE target and contributes to the broader aim of achieving 'Net Zero' emissions by 2070. This enhanced target aligns with the Government's "Panchamrit" initiative announced at the COP 26 Summit as India's contribution & commitment towards climate action.
NIGEL (NLC India Green Energy Limited), a wholly owned subsidiary of NLCIL established with special focus on Renewable Energy Generation, is set to lead the company's intended renewable energy portfolio. Currently, 2 GW of renewable energy assets are under implementation, NIGEL aims to expand its portfolio by participating in competitive bidding and exploring emerging opportunities in the green energy sector. This expansion will reduce India's dependence on conventional energy sources, diversify energy generation, and lower coal import. Additionally, it will help ensure round the clock power supply across the country.
NLCIL envisages to increase the share of Renewable Energy from 50% at 2030 to 77% at 2047 in its energy generation portfolio, enabling the company to achieve Net Zero by 2070. With a much changed energy landscape beyond 2030, NLCIL foresees no new thermal power capacity addition. Instead, Innovation in reducing the emissions from the existing thermal power stations will be the guiding action in the domain.
