Global energy investments are set to nosedive by 20%, or about $400 billion, as compared to last year due to the COVID-19 crisis, resulting in serious implications for energy security and clean energy transitions, according to a latest report by the International Energy Agency (IEA). It added that this would be the largest drop in global energy investment in history, with spending expected to plunge in every major sector from fossil fuels to renewables, and efficiency.
According to the second edition of annual Supply Side Analysis 2019 report by The Global Wind Energy Council (GWEC), 22,893 wind turbines were installed globally in 2019 produced from 33 suppliers and accounting for over 63 GW of capacity, a new supply side record in terms of capacity for the industry.
Commerce and Industry Minister Mr Piyush Goyal asked the industry to start working for the post-COVID period with good ideas and firm implementation plans as worst for the economy is over and revival is in the air.
The environment Ministry has decided that it will no longer regulate the ash-content of coal used by thermal power plants. The Ministry issued a notification that overturned its January 2014 regulation that made it mandatory for all coal-based power plants located 500 kilometres or more from the pit-head or coal mine to use raw or blended or beneficiated coal with no more than 34% ash content.
Under the new norms, thermal power stations will be able to use coal irrespective of ash content and will liable for proper disposal of coal ash and meeting emission standards set by the Central Pollution Control Board.
Fitch Ratings forecast a 5% contraction of Indian economy in the current fiscal, on account of slump in economic activities and very stringent lockdown policy. This is substantially lower than 0.8% growth for 2020-21 fiscal projected in April.