India Leading the Global Energy Transition with Unprecedented Speed
India is making significant strides in the renewable energy sector. The Union Minister for New and Renewable Energy, Shri Pralhad Joshi, recently highlighted this progress at the third India Energy Transition Conference in New Delhi. He emphasized that India is leading the global energy transition with remarkable speed and scale. Under the leadership of Prime Minister Narendra Modi, the country has set ambitious energy transition goals and is achieving them at an unprecedented pace.
Achievements in Renewable Energy Capacity
India’s renewable energy capacity has seen tremendous growth over the past decade. The country has nearly reached 100 GW of solar capacity and aims to add 50 GW of new renewable capacity each year. Since 2014, India’s installed renewable capacity has surged by almost 200%, rising from 75.52 GW to 220 GW today. This rapid expansion is a testament to India’s commitment to sustainable energy solutions.
One of the most notable achievements is the drastic reduction in the tariff for grid-connected solar power plants. The cost has plummeted by 80%, from ₹10.95 per unit in 2010-11 to just ₹2.15 per unit now. This significant drop in costs has positioned India as a leader in affordable renewable energy. The government’s focus on policy stability and long-term vision has been crucial in driving this success.
Looking ahead, India is on track to achieve 500 GW of non-fossil fuel capacity by 2030, with an even more ambitious target of 1,800 GW by 2047. The PM SuryaGhar Yojana aims to facilitate the installation of 1 crore solar panels, with 8.5 lakh installations already completed. This initiative not only promotes renewable energy but also provides income opportunities for beneficiaries through rooftop solar installations.
The Need for Increased Renewable Energy Financing
As India’s energy demand is projected to double by 2032, the need for increased financing in the renewable energy sector becomes critical. Union Minister Joshi stressed that renewable energy must meet 50% of the expected rise in demand. To achieve this, the Ministry is actively working to address bottlenecks in the renewable energy sector.
Engagement with stakeholders is a priority, and the Ministry of New and Renewable Energy (MNRE) plans to hold further consultations to streamline processes. This proactive approach aims to ensure that the renewable energy sector can keep pace with the growing demand. By fostering collaboration and innovation, India can enhance its renewable energy infrastructure and maintain its leadership position in the global market.
Global Recognition and Future Prospects
India’s efforts in the renewable energy sector have not gone unnoticed on the global stage. The country has recently overtaken Brazil to become the third-largest renewable energy market worldwide. This recognition underscores India’s commitment to sustainable energy and its role in the global energy transition.
The Minister also highlighted India’s leadership in green hydrogen production. The SIGHT Programme, which focuses on electrolyser manufacturing and green hydrogen production, is expected to drive innovation and industrial growth in this emerging field. With strong investor confidence, India is poised for further advancements in renewable energy. At the recent RE-Invest event, investment commitments worth ₹32.45 lakh crore were made, along with pledges for 540 GW of solar and wind capacity.
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