With the aim of completely shifting to renewable energy in near future, Coal India came forward with the plan of setting up 20000 MW Solar Power Project in coming 10 years. For the project, Coal India needs an investment of around Rs. 90,000 crore to set up this capacity as it is estimated at a per-MW cost of around Rs. 4.5 crore.
Coal India Chairman and Managing Director Gopal Singh said,
“If you look beyond 2050, one priority is to reach over to renewable energy, the miner has the 40,000 hectares of land required to set up such a large solar capacity.”
India plans to achieve 175 GW of renewable energy capacity by the year 2022. Of this 100 GW is to come from the solar projects. India plans to reduce its carbon footprint by 33-35% from its 2005 levels by 2030, as part of its commitments to the United Nations Framework Convention on Climate Change adopted by 195 countries in Paris in 2015.
According to the Geological Survey of India, the country has an estimated 315 billion tonnes of coal reserves. The country mined 655.31mt of coal in the last financial year as compared to 3.5 billion tonnes mined by China. A recent fluctuation in the coal industry occurred when there was excess coal stocks of around 68.4mt due to sudden decline in coal demand. This resulted in gradual decline in production. But, the demand then went up due to low nuclear and hydro-power generation and thus, caused the shortage.
In an another development, the state-run firm that accounts for 84% of India’s primary fuel production, will register a 2.52% or 14 million tonnes (mt) increase in coal production for the current financial year to reach 568mt. Also, the quantum of coal dispatched during 2017-2018 is expected to reach 580.50mt as compared to 543.32mt in 2016-17.
Despite planned increase in coal dispatch, Coal India Ltd. has made plans to shift into renewable energy and build a mega project of 20000 MW.
Source: Live Mint