According to a recent research by BloombergNEF (BNEF), the global investment in new renewable energy capacity, excluding large hydropower dams, stood at $132.4 billion in the first half (H1) of 2020, up 5% from a revised $125.8 billion in the same period last year despite COVID-19. It, however, added that onshore wind investment slipped 21% to $37.5 billion, while that for solar fell 12% to $54.7 billion.
Commerce and industry minister Piyush Goyal said the government is working on reforms in the mining sector and attracting foreign direct investment (FDI) in sectors where it is constrained at present. FDI into India rose 13% to a record $49.97 billion in FY20 from $44.36.
Thermal coal imports at India’s 12 major ports dropped 34.70% to 17.71 million tonnes in the first quarter of the current fiscal, according to the Indian Ports’ Association (IPA). Impacted by the pandemic, coking coal imports too witnessed a decline 28.49% to 10.69 million tonnes in the quarter. These ports had handled 27.13 million tonnes of thermal coal and 14.95 million tonnes of coking coal in the April-June period of the previous financial year.
Industry body FICCI said its Economic Outlook Survey has projected the country’s annual median GDP growth for 2020-21 at (-)4%. With the rapid spread of COVID-19 pandemic manifesting into an economic and healthcare crisis globally, the latest forecast marks a sharp downward revision from the growth estimate of 5.5% reported in the January 2020 survey.
High coal taxation and evacuation tariff continue to be major challenges in the coal sector responsible for higher prices at the end of the consumers, Mr M. Nagaraju, Joint Secretary at Ministry of Coal said adding that if these two issues are tackled the availability of coal at the end of the consumers will be much cheaper.
Replacing coal with clean energy can potentially save electricity customers around the world $141 billion by 2025, according to a report by US-based Rocky Mountain Institute. The report also added that out of 2,500 coal plants, the share of uncompetitive coal plants worldwide will increase rapidly to 60% in 2022 and to 73% in 2025.