9 March 2022.
Power foundation is the policy advocacy society set up by the government for power and allied sectors.
Establishment of Power foundation
- Power foundation is a society formed under the aegis of the Power Ministry.
- It is registered under the Societies Act by leading power sector CPSEs such as NTPC, Powergrid, REC, PFC, NHPC, THDC, NEEPCO, and SJVN.
Composition of Power foundation
- The chairperson of the Power Foundation is RK Singh, Minister of Power and New & Renewable Energy.
- A search-cum-selection committee appointed Sanjiv Nandan Sahai, former Power Secretary, as the Director-General of the Power Foundation.
Functions of Power foundation
- The objective of the Power foundation is to assist India in the transition towards clean energy sources. It will help state governments and businesses with cutting-edge research.
- It will act as a policy advocacy body and will provide data, policy recommendations, and real-world solutions to help states provide sustainable energy for all.
- It will engage in national dialogues and will commission evidence-based research studies on various aspects regarding energy transition in the power sector.
India’s renewable energy potential
India has the potential for more than 1,636 GW of renewable energy (including large hydro). The power generation through various renewable energy sources has increased and renewable energy tariffs reduced significantly.
- In 2021, at the UNFCCC COP 26 summit held at Glasgow, PM Modi pledged to increase India’s Renewable energy capacity to 500 GW by 2030.
- India also pledged to increase the contribution of Renewable energy sources in the country’s power generation to more than 50% by 2030.
- Another significant announcement made by India at COP 26, as a part of Panchamrit goals was the goal of becoming carbon neutral by 2070.