India has released a new power plan that promotes an increase in renewable energy and raises doubts about the Indian-owned Adani Group’s coal mine located in Queensland. This new national electricity plan says India will not need any additional coal-fired energy capacity in the next decade as reported by ABC News.
Piyush Goyal, India’s energy minister pointed to a renewables pivot when he spoke to Four Corners last year. Tim Buckley of the Institute for Energy Economics and Financial Analytics stated that the development was bad news for the Australian coal industry. He said that India have 50 GW of coal-fired power plants under construction already, thus it’s far better to complete them than write them off as stranded assets. He also said that the plan had left the Adani proposal as stranded.
Despite these looming doubts, the Australian Government is planning to provide a $1 billion subsidised loan to Adani in building a railway to the planned mine
Mr. Buckley said the International Energy Agency (IEA) had predicted that hundreds of gigawatts of new coal-fired power plants would be raised in India in the next few decades.
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