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Questions and Answers
What is the total financial outlay of the Viability Gap Funding (VGF) scheme for offshore wind energy projects?
What is the total financial outlay of the Viability Gap Funding (VGF) scheme for offshore wind energy projects?
Which two states will host the offshore wind energy projects under the VGF scheme?
Which two states will host the offshore wind energy projects under the VGF scheme?
What annual reduction of carbon dioxide emissions is expected from the 1 GW offshore wind projects?
What annual reduction of carbon dioxide emissions is expected from the 1 GW offshore wind projects?
What role will the Power Grid Corporation of India Ltd (POWERGRID) play in the offshore wind projects?
What role will the Power Grid Corporation of India Ltd (POWERGRID) play in the offshore wind projects?
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What is the primary objective of the Viability Gap Funding (VGF) scheme?
What is the primary objective of the Viability Gap Funding (VGF) scheme?
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What is the primary goal of startups focusing on renewable energy?
What is the primary goal of startups focusing on renewable energy?
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Which entity launched the Atal Innovation Mission to foster innovation and entrepreneurship?
Which entity launched the Atal Innovation Mission to foster innovation and entrepreneurship?
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Which country is recognized for its focus on sustainable energy practices and has an established capital city noted for green initiatives?
Which country is recognized for its focus on sustainable energy practices and has an established capital city noted for green initiatives?
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What significant feature does the skin bank established by the Army Hospital (R&R), New Delhi include?
What significant feature does the skin bank established by the Army Hospital (R&R), New Delhi include?
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What is indicated by the systemic monitoring of river processes, such as the E-flows Monitoring System for the Ganga River?
What is indicated by the systemic monitoring of river processes, such as the E-flows Monitoring System for the Ganga River?
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Study Notes
Viability Gap Funding Scheme for Offshore Wind Energy Projects
- The Union Cabinet approved a Viability Gap Funding (VGF) scheme with a total outlay of Rs. 7453 crore for offshore wind initiatives.
- This funding includes Rs. 6853 crore designated for installing and commissioning 1 GW of offshore wind energy projects off Gujarat and Tamil Nadu (500 MW each).
- An additional grant of Rs. 600 crore is allocated for upgrading two ports to support the logistical needs of offshore wind projects.
- The Ministry of New and Renewable Energy (MNRE) is the nodal ministry overseeing the scheme's implementation, coordinating across various ministries.
- Aims to execute the National Offshore Wind Energy Policy established in 2015, maximizing offshore wind capacity within India’s Exclusive Economic Zone (EEZ).
- VGF support is set to lower power costs from offshore wind projects, making them more attractive to Distribution Companies (DISCOMs).
- Private developers will implement the projects via a transparent bidding process; POWERGRID will construct essential power infrastructure, including offshore substations.
- Expected renewable electricity output from the 1 GW projects is around 3.72 billion units annually, reducing carbon dioxide emissions by 2.98 million tons over 25 years.
- The initiative is projected to facilitate the development of an initial 37 GW of offshore wind energy at an investment of approximately Rs. 4,50,000 crore.
Atal Innovation Mission (AIM)
- Launched in 2016, AIM is a flagship program by the Government of India to promote innovation and entrepreneurship via digital tools under NITI Aayog.
NITI Aayog Overview
- Chief Executive Officer (CEO): B.V.R. Subrahmanyam
- Headquarters located in New Delhi, established in 2015.
Denmark Overview
- Capital: Copenhagen
- Prime Minister: Mette Frederiksen
- Currency: Danish Krone
Army Hospital (R&R) Skin Bank Facility
- First-of-its-kind skin bank facility inaugurated within the Armed Forces Medical Services to treat combat-related burns and other skin conditions.
- Centralized hub designated for the collection, processing, storage, and distribution of skin grafts.
- Enhanced treatment capabilities for military medical centers across the country.
- Staffed with plastic surgeons, tissue engineers, and specialized technicians, ensuring high safety and efficacy standards for skin grafts.
E-flows Monitoring System
- The Union Minister, C.R. initiated an E-flows Monitoring System to oversee the Ganga River cleanup process.
Miniratna Status Criteria
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Miniratna Category I:
- Companies must have recorded profits for three consecutive years and earned a pre-tax profit of at least Rs. 30 crore in this period.
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Miniratna Category II:
- Must have made continuous profits over the last three years, possess a positive net worth, and not default on loan repayments to the Government.
- Miniratna companies should operate without budgetary support or government guarantees.
Navratna and Miniratna Companies
- Lists specific public sector enterprises under Navratna and Miniratna categories, highlighting key companies like Bharat Electronics Ltd. and Airports Authority of India.
Bureau of Indian Standards (BIS) Initiatives
- Introduced two new standards, IS 18590: 2024 and IS 18606: 2024, to enhance safety and quality of Electric Vehicles (EVs) in India.
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Description
Explore the details of the Viability Gap Funding scheme approved by the Union Cabinet for offshore wind energy projects. This initiative, with a significant financial outlay, aims to enhance renewable energy capacities in Gujarat and Tamil Nadu. Learn about the project's impact on sustainable energy in India.
