India to Expand Coal Power Generation by 2030 Despite 2070 Carbon Neutrality Goal

[Asia Economy Reporter Park Byung-hee] The Indian government, aiming for carbon neutrality by 2070, plans to increase coal power generation by about 25% by 2030, Bloomberg reported on the 23rd (local time). Although this move goes against carbon neutrality, the Indian government explained that it has no choice but to continue relying on coal to meet the growing energy demand.

Raj Kumar Singh, former Minister of Power, recently stated in an interview that coal power generation would increase by about 56 gigawatts (GW) by 2030. According to Bloomberg New Energy Finance (NEF) statistics, India's coal power generation was 209.8 GW last year.

Minister Singh explained that unless the cost of electricity storage significantly decreases, it is necessary to increase coal power generation.

According to Bloomberg NEF analysis, the cost of producing 1 megawatt-hour (MWh) of electricity by source in India is $59 for coal, while wind and solar are cheaper at $38 and $33 respectively. However, the cost to store 1 MWh of wind power is $65, which is more expensive than coal, and solar storage costs reach $78. To use renewable energy 24 hours a day, improvements in storage technology are required.

Minister Singh emphasized that although the Indian government plans significant investments in the renewable energy sector, stable power supply for economic growth is a higher priority. He said, "The important point is that economic growth cannot be compromised," adding, "If there is a shortage of power supply, we will not hesitate to import coal." He also added, "Power must always be ready for use."

India is the world's third-largest greenhouse gas emitter. Last year, Indian Prime Minister Narendra Modi announced plans to achieve carbon neutrality by 2070 and increase eco-friendly power generation capacity to 500 GW by 2030.

Minister Singh said that including renewable energy, the total power generation capacity will be doubled to 820 GW by 2030.

He pointed out that developed countries do not invest enough in decarbonization solutions, including electricity storage technology. He also expressed concern about China controlling a significant portion of the world's lithium supply.

This content was produced with the assistance of AI translation services.