India invested more in renewable energy than fossil fuels in 2017
According to a recent report, in 2017 India invested more money in its renewable energy sector than fossil fuels.
The findings were revealed in the International Energy Agency’s World Energy Investment 2018 report.
Renewable energy accounted for more than one-third of the country’s total investments made in the energy industry.
The nation spent almost US$20bn on clean energy, with India more than doubling it’s spending on solar photovoltaic (PV) projects compared to 2016.
“India’s power sector investment is changing rapidly, and for the first time in 2017, investment in renewable power topped that for fossil fuel generation,” the report reads.
“Investment in renewables, at over one-third of total power sector investment, reached nearly $20 billion, driven by a more than doubling of solar PV investment and record spending in onshore wind projects.”
The country spent 10% less on investments in the power sector, led by a drop in financing coal products.
“Final investment decision for new coal power plants fell to their lowest level in 15 years in 2017, while thermal assets classified as financially stressed continued to rise,” the report continued.
“Investment in dispatchable renewable power plants, notably hydropower and bioenergy, as well as gas power has remained relatively low and stable.”
“Finally, spending on electricity networks, at over 35% of power sector investment, remains near historical highs.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.