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Candela corp purchasing dept12/3/2023 ![]() In addition, electricity demand across the country reduced substantially, thereby leading to a decrease in revenue and lower marginal costs. Shelter-at-home orders prescribed by the government have led to reduced workforce on-site and slowed down project development activities across the country, thereby devaluing the status of ongoing projects as well as those in the design pipeline. ĭue to a high reliance of the renewable energy sector on private investment and stimulus, the onset of the COVID-19 pandemic has given rise to several financial obstacles for both the government and private energy service companies and investors. Between 20, installed renewable capacity in India increased five-fold to 86 GW. Prior to the outbreak of the pandemic, India was well in line to achieve its short-term renewable energy targets set by the government in 2015 (175 GW of elec-tricity generation by 2022, which comprises of 100 GW of solar-PV generation, 60 GW of wind energy, 10 GW of small hydro power and 5 GW of bio-powered energy. More recently, the renewable energy market in India has become a focal point for investors owing to re-duced tariffs, low market volatility and an increased impetus towards sustainable, low-carbon sources for energy generation. India's renewable energy sector encapsulates the world's fourth largest wind energy market and the sixth largest solar-PV market in terms of installed capacity. We conclude with key policy recommendations that may help re-align the sector in order to meet short-term pledges and commitments set by individual states and the central government. We highlight trends in renewable energy installed capacity noted prior to the pandemic and analyse the effect of COVID-19 induced foreclosures on electricity demand and installed capacity. In this article, we discuss the impact of the pandemic on the Indian renewable energy sector. ![]() More recently, several studies have documented changes in industry-specific drivers such as growth rate, employment, and supply chains, , ]. The COVID-19 pandemic has had a severe impact on multiple industries across the world. Our recommendations cover three different policy instruments: investment subsidies, operational subsidies, and recommendations for DISCOMs. We do this with the hope of outlining key measures that decision makers may employ to achieve pre-COVID sectoral growth in the long term. Lastly, in the fourth and final portion of this paper, we highlight policy recommendations that may help the sector overcome logistical and financial bottlenecks in the short-term. In this section, we also compile and analyse data on state-wise stressed assets across renewable energy generators in the country. We also characterise changes in installed renewable energy capacity between March to December 2016–2020 to provide causal evidence of the effect of the pandemic on the growth of renewables. In the third part, we analyse the decrease in electricity demand in India from 24 March to 30 June 2020, a period concurrent with shelter-at-home orders issued by the Government. We present an overview of several mechanisms and missions the government has launched in line with their policy to mitigate the environmental impact of India's energy mix. ![]() In the second part, we quantitatively characterise the growth of renewables in India. We briefly discuss the need for effective public-private partnerships in order to meet these targets. In the first section, we draw focus to India's renewable energy policies and pay special emphasis on recent interventions and campaigns targeted towards achieving high growth rates in the sector. This paper is organized into four main parts. We discuss recent policy measures and additions to installed renewable energy capacity, and propose key policy recommendations that may help the sector adopt a growth trajectory similar to one noted pre-pandemic. In this paper, we attempt to highlight trends in energy consumption and installed renewable energy capacity noted in India during a period concurrent with the shelter-in-place orders. In India, strict shelter-in-place orders enforced during March 2020 have since led to a considerable change in public and private sector investments in planned renewable energy installations. The COVID-19 pandemic has dramatically altered global energy consumption, particularly affecting investment in renewable energy projects. ![]()
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