India Adopts Energy Efficiency, Saves ₹89K Crores in FY19

power-

KOLKATA: India has managed to save a total of ₹89,122 Crore in the fiscal year of 2018-19 through authorisation of Energy efficiency Initiatives, said a new government report. Additionally, the report indicated that India’s energy intensity was reduced by 20% in FY19 compared to the intensity in FY05. This aligns well with the target of reducing energy intensity by 33-35%, compared to FY05 level, that India had set for itself back in 2015. This target was set for the fiscal year of 2030-31.

Energy intensity itself is calculated by the unit of energy required per unit output or GDP (gross domestic product) and less energy used to produce a product reduces the intensity.

In the report which was released by Power Minister R K Singh, on Wednesday, the credit was mainly given to BEE.”The energy efficiency initiatives by BEE (Bureau of Energy Efficiency) led to savings worth Rs 89,122 crore in 2018-19,” said Singh.

R K Singh further commented about this report while releasing his new e-book. He said, “We have pledged in COP-21 that we will bring down energy intensity of economy by 33-35% compared to 2005 levels by 2030. Now, with our energy efficiency initiatives we have already reduced the energy intensity of our economy by 20% compared to 2005 levels which is a very good performance indeed.”

The BEE had engaged expert agency PWC Ltd. to prepare a report based on an independent verification to assess the resultant annual savings in energy as well as CO2 emissions through various initiatives in India.

Now, the findings of the report reflect that implementation of various energy efficiency schemes have led to electricity savings that total up to a staggering 113.16 Billion unit for the fiscal year of 2018-19. This figure calculates to about 9.39% of the net energy consumption of India.

This measure of saving in energy, both electrical and thermal, was achieved  in energy consuming sectors amount to 16.54 Million tons of Oil Equivalent (Mtoe). This accounts for 2.84% of the net total of India’s energy consumption, at approx. 879.23 Mtoe, in FY2018-19. As a matter of fact, both the supply and demand sectors of the economy were considered.

Overall, this study has estimated that various energy efficiency measures have translated into an overall savings worth around ₹89,122 Crore against the savings of ₹53,627 Crore in FY17-18.
These efforts have also contributed in reducing 151.74 million tonnes of CO2 (MTCO2) emissions for the year, whereas this number stood at 108 MTCO2 in FY18.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here