By Xiong Jin, Jin Yi and Hu Haipan King & Wood Mallesons’ Corporate & Securities group
Background: Development of Renewable Energy
In India, coal still provides the lion’s share (up to 60%) of national energy production. As the world’s largest coal consumer and the third largest producer, India is faced with a great challenge in adjusting its energy structure.
India began to realize the importance of renewable energy during the 1970s. The Ministry of New and Renewable Energy (MNRE) has vigorously promoted the industry’s development. According to the Intended Nationally Determined Contribution, India is committed to promoting the long-term sustainable development of clean energy. It aims to increase the use of non-fossil fuel for power generation to 40% by 2030.
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