India most developed renewable energy market in South Asia:UN

India is the most developed renewable energy market in South Asia with an annual turnover of about $500 million, though it is just a fraction of the country's potential, said a UN report on climate change.

"These initiatives (National Electricity Policy, Renewable Energy Plan 2012 etc.) have helped India become a country with the most developed and diversified renewable energy market in South Asia," said the UN's World Economic and Social Survey 2009 which was released today.

Noting that India produces 3,500 MW of power through renewable energy sources, the survey entitled 'Promoting Development, Saving the Planet' said, "this is just a fraction of the estimated total economic potential of 100,000 MW."

With an investment of about $1 billion (approximately Rs 4,800 crore) in wind, solar and other sources of clean energy, it said, "renewables still account for less than one per cent of all electricity produced in the country.

"This is because many renewable technologies such as wind turbines, operate intermittently and cannot function at 100 per cent capacity," it added.

Pointing out that various legislations, policies and tax incentives have encouraged development of clean energy, the UN survey said the government needs to put in place a standard policy for purchase of power generated through renewable energy sources.