India is accelerating its renewable energy growth and solidifying its position as a leader in the global clean energy transition. Announced at the CII International Energy Conference & Exhibition 2024 by Union Minister Pralhad Joshi, India’s renewable energy capacity has nearly doubled under Prime Minister Narendra Modi’s leadership. Notably, India added 15 gigawatts (GW) of renewable power capacity in the first eight months of the current fiscal year, significantly higher than the 7.54 GW added during the same period the previous year. The country’s total capacity of non-fossil fuel-based power now stands at 2,140 megawatts (MW), reflecting a 14% year-over-year increase.
Accelerating Renewable Energy Goals
Doubling Capacity and Future Targets
The Indian government’s vision for green growth ties the country’s development (Viksit Bharat) by 2047 closely to sustainable and green energy initiatives. Emphasizing its unwavering commitment, the government has set an ambitious goal to add 500 GW of non-fossil fuel generation capacity by the end of the fiscal year 2030. Illustrating this rapid growth trajectory, India has added 2.3 GW of renewable energy in just one month, which represents a fourfold increase from the previous year’s addition.
A key initiative underpinning this growth is the Production Linked Incentive (PLI) scheme, which has a substantial budget allocation of Rs 24,000 crore to enhance solar panel manufacturing. In line with this, the government plans to install 50 solar parks across the country with a combined capacity of 38 GW by 2025-26. Moreover, the ambitious PM Surya Ghar Muft Bijli Yojana aims to achieve 10 million (1 crore) rooftop solar installations by 2026-27, further solidifying the country’s dedication to decentralized renewable energy solutions.
India’s focus on green hydrogen is also noteworthy, bolstered by the SIGHT Program under the National Green Hydrogen Mission. This program, expecting a notable subsidy of Rs 17,490 crore, supports electrolyzer manufacturing and green hydrogen production. Additionally, the government has already begun allocating substantial capacities for these initiatives, with ongoing tenders for both green hydrogen and green ammonia production, underscoring the strategic importance of this clean energy source in India’s overall energy mix.
Strategic Initiatives and Infrastructure Development
Strengthening power transmission infrastructure and enforcing Renewable Purchase Obligations (RPO) are critical components for effectively integrating renewable energy into the national grid. The industry is encouraged to fully participate, with green hydrogen presenting significant opportunities to revolutionize the sector. At the conference, industry leaders like Rajiv Memani and Girish Tanti discussed various challenges, including peak power demand, the financial health of distribution companies (DISCOMs), and the pivotal role of wind and bioenergy in achieving net-zero emissions.
The need for robust evacuation infrastructure and the importance of clearing pending Power Sale Agreements (PSAs) were also highlighted. Industry stakeholders were advised to collaborate on creating a supportive ecosystem that facilitates smooth integration and minimizes bottlenecks. The government’s proactive measures have laid a solid foundation for renewable energy growth, yet continuous efforts are required for seamless execution.
Policy Support and Industry Collaboration
Government Reports and Strategic Roadmaps
Union Minister Pralhad Joshi also unveiled the ‘Energy Transition for Viksit Bharat 2047’ report, developed in collaboration with Ernst & Young (EY), detailing India’s strategic roadmap to achieve its ambitious energy goals. This comprehensive report underscores the necessity for collaboration between the government and the private sector to accelerate the renewable energy transition. The narrative woven through India’s energy landscape portrays a robust commitment to sustainable development, fueled by substantial governmental policies and active industry cooperation.
The tailored strategies outlined in the report serve as a blueprint for stakeholders, emphasizing innovative approaches and investment in research and development to propel the renewable sector forward. By identifying key areas for intervention and support, the report paves the way for a concerted effort towards building a resilient and sustainable energy ecosystem.
Industry Response and Future Prospects
India is rapidly expanding its renewable energy sector, cementing its role as a frontrunner in the global shift towards clean energy. At the 2024 CII International Energy Conference & Exhibition, Union Minister Pralhad Joshi highlighted the significant strides made under Prime Minister Narendra Modi’s administration. The nation’s renewable energy capacity has almost doubled, a testament to its commitment to sustainable growth. Impressively, India added 15 gigawatts (GW) of renewable power capacity in the first eight months of the current fiscal year, a considerable increase compared to the 7.54 GW added during the same period last year. This growth reflects how India is outpacing its previous efforts and underscores its significant progress. Additionally, the country’s total capacity of non-fossil fuel-based power currently stands at 2,140 megawatts (MW), marking a 14% year-over-year increase. This remarkable uptick showcases India’s dedication to reducing its carbon footprint and investing in a greener future.
