PFC receives "CSR Champion Award" at Outlook Planet Sustainability Summit & Awards 2024 – Odisha Diary, Latest Odisha News, Breaking News Odisha orissadiary.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissadiary.com Daily Mail and Mail on Sunday newspapers.
PFC receives CSR champion award
Gurugram: Power Finance Corporation Ltd (PFC) has been honoured with the prestigious CSR award in the NF (Non-Fossil Fuel) business category at the Outlook Planet Sustainability Summit & Awards 2024 held in Goa. Parminder Chopra, Chairman & Managing
The government aims to raise the share of non-fossil fuel in India's electricity generation capacity to 50% by 2030, according to MNRE Secretary Bhupinder Singh Bhalla. Currently, non-fossil fuel-based capacity constitutes about 42% of India's installed energy generation. Bhalla mentioned this during his address at the World Hydrogen Summit 2024 in Rotterdam, Netherlands, on May 15, 2024. He highlighted a 10.79% increase in non-fossil fuel-based capacity addition in 2023-24 compared to the previous year.
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India's power generation capacity saw growth in both fossil fuel-based and non-fossil fuel-based sources in FY24. Fossil fuel capacity rose to 243.22 GW while non-fossil fuel capacity increased to 190.57 GW, with renewable energy sources like solar and wind contributing significantly to the rise.
Fossil Fuel Capacity: There was a 10.79 per cent rise in non-fossil fuel based capacity (renewable energy sources) addition at 190.57 gigawatt (GW) in 2023-24 over 172.01 GW in 2022-23, the government data showed.
Fossil Fuel Capacity: While the fossil fuel-based capacity includes power generation through coal, lignite, gas and diesel sources, the non-fossil fuel includes power generated from solar, wind and hydropower.
The China Electricity Council (CEC) in a yearly report said grid-connected wind and solar would make up around 40% of installed power generation capacity by the end of 2024, compared with coal's expected 37%.
The review of the economy emphasizes the importance of balancing development and carbon emissions mitigation globally. It acknowledges that many nations prioritize access to energy as an immediate concern. India's energy transition policies strike a blend of near-term pragmatism and long-term goals to reduce fossil fuel dependence.
The government has set a target of generating 40 GW of solar power annually in the next 5 years to reach 500 GW non-fossil fuel capacity target by 2030