Why in News?

• The REN21’s Renewable 2019 Global Status Report (GSR) was recently released.

Global prospects of the Report:

• Renewables  now  supply  around  26  per  cent  of  global  electricity  production  but  the transport, cooling and heating sectors lag far behind in renewable adoption.
• Underlining  the  subsidy  support  being  given  to  fossil  fuel,  the  GSR  read  that  lack  of political will and fossil fuel subsidies are threatening to derail the crucial UN 2030 Climate and Development Goals.
• Renewable energy’s share in power consumption is increasing undoubtedly, but people would have consumed more had policy makers prioritized the sector. Erratic policy decisions kept the world from using the sector to its potential in meeting climate change targets, added the report.

Indian Case:

• India ranked fourth globally for new investment in renewable energy in 2018.
• India’s new power generation capacity from solar photovoltaic panels decreased compared to 2017, according to the report.
• However, India placed fifth, overtaking Italy, with 33 gigawatts (GW) total installed capacity. The report confirmed that installed renewable power capacity was more than that of fossil fuel and nuclear power combined for the fourth consecutive year.
• Around 100 GW of solar PV were added in 2018 which is enough to meet more than 25 per cent of electricity demand in France.

Decrease in Investments:

• Lack of ambitious and sustained policies to drive decarburizing in heating, cooling and transport sectors indicates that countries are not trying to maximise the benefit of energy transition.
• The investment  has decreased 16  per cent  compared to 2017. It  attributes this  to factors like:
• • Land and transmission constraints,
  • 25 per cent safeguard duty on imports from China and Malaysia
  • Flaws in tender scheme
  • Tax uncertainties