Finance Minister Nirmala Sitharaman has highlighted the government's priority to incentivize and facilitate investment in India through the Production Linked Incentive (PLI) scheme. She invited Japanese investors to invest in India and eased restrictions to ensure it was easier to do business. India has achieved 175 GW of installed solar capacity and now aims to expand it to 300 GW by 2030.
The World Health Organization declared an official end to the Covid-19 global emergency earlier this month, but supply chain disruptions caused by the pandemic may take longer to subside. That's the prediction of Henrik Andersen, CEO of Vestas Power Systems, one of the world's largest wind turbine manufacturers. While supply chains are stretched, the cost of key items like steel — the main material used in wind turbines — has soared during the pandemic. As a result, profits at Vestas' wind turbine business will roughly halve in 2021 compared to 2020. Getting fully back on track will require continued easing of global supply chains, especially in China, which only eased its Covid-zero policy in December.
The Gujarat government has announced a policy to allocate government wasteland to companies intending to produce green hydrogen using renewable energy (RE). The company must pay an annual rent of Rs 15,000 per hectare, increasing by 15% every three years, complete the lease agreement process within six months of approval, reach 50% of its green hydrogen capacity within five years of plant commissioning, and within eight years Reach 100%. The developer, the expropriated land and GPCL have filed the tripartite agreement for the record, and the qualifications for enterprises to apply for land have been listed. India aims to become a net-zero emission country by 2070 and reduce carbon emissions by 45% by 2030 by sourcing 50% of its energy from renewable sources.
Malaysia is lifting a ban on renewable energy exports to develop its clean energy industry and boost power generation from non-fossil fuel sources. Economic Affairs Minister Rafiz Ramli said the ban would help companies build renewable energy generation capacity on a larger scale and take advantage of high demand in neighboring Singapore. Malaysia has pledged to significantly reduce greenhouse gas emissions by 2030 and achieve net zero emissions by 2050. Increasing renewable energy capacity will require an estimated RM637 billion investment by 2050.
Zest Outdoor Media, the world's first green outdoor asset management company, has set a Guinness World Record for the most extensive installation of solar panels on a single billboard. The record was achieved by combining three 40' x 20' billboards into one 60' x 40' billboard with 84 solar panels on the back, generating 60,000 units of renewable energy per year. Zest Outdoor Media will provide more than 300,000 units of solar power to the railroad over the next five years.
Vietnam aims to double its electricity generation by 2030, but has slightly lowered its offshore wind target and will rely heavily on coal until the end of the decade. The target for offshore wind installations in 2030 is set at 6 GW, slightly lower than the 7 GW target included in the draft national power development plan in December. By 2030, hydropower will be the second primary energy source, followed by liquefied natural gas (LNG) and onshore wind. The plan is important to unlock the $15.5 billion green transition fund pledged to Vietnam last December.