India is quick to emerge as a renewable energy leader in the world, the Union Minister for New and Renewable Energy, Shri Pralhad Joshi, said that it is going to become the world’s capital for renewable energy in the near future. At the 5th CII International Energy Conference and Exhibition (IECE), New Delhi, Minister Joshi shared the vision-a key event marking remarkable progress in the clean energy space.
India’s Renewable Energy Growth Under Prime Minister Modi’s Leadership
Really phenomenal that, under the able leadership of Prime Minister Modi, India’s growth in renewable energy. The world is also taking keen interest in the journey of clean energy made by India, and many countries are following in the footsteps of India. It’s during the time of the Prime Minister Narendra Modi tenure that India had come first in the world regarding developing renewable energy according to the minister.
One of the most important reasons for India’s success in renewable energy is that it leads the International Solar Alliance, which is a formal international organization dedicated to the promotion of solar energy. ISA has 120 signatory countries, and thus this speaks volumes about India’s success in the renewable energy space.
Record Renewable Energy Capacity Additions
During the last couple of years or so, the renewable sector has seen fast growth in the country. Between April to November in the current fiscal, says the minister India added close to 15 GW of renewable energy capacity. It is somewhat an increase as compared with the previous year’s increase added between April and November this time: 7.54 GW. A development itself points to its commitment that it is all set to upscale its Green energy Infrastructure.
India has commissioned non-fossil fuel energies now with 214 GW at present, that is 14% growth from the previous year. What is very remarkable is that in November 2024, the new capacity added of 2.3GW. In the previous period of November 2023, this was of only 566 MW that’s four times more. That’s what India’s swift transformation into renewable energy end.
Government’s Commitment to Achieving 500 GW of Non-Fossil Fuel-Based Capacity by 2030
Probably, the one largest takeaway from the address made by the Minister himself, is the commitment and efforts toward ensuring that 500 GW of non-fossil fuel-based capacity is realized for the Indian government in view of 2030. As part of that pledge toward reducing reliance on fossil fuels and more importantly the cleaner energy mix in evidence, one of the worlds largest holders of coal reserve currently boasts of having per-capita emissions as a matter of fact third lowest which is only one third in comparison to the rest.
Implementation of SDGs for the Paris Climate Change Summit in 2015 is another great high mark of India. It made it the first G20 nation to meet those SDGs before schedule. Therefore, the government has clearly indicated commitment towards sustainable growth and green growth.
Key Government Initiatives Promoting Renewable Energy Growth
Minister Joshi elaborated several key steps that the Indian government has been undertaking to further push the renewable energy sector. These moves will make India a hub globally for renewable energy as under:
- Production-Linked Incentive (PLI) Scheme: PLI scheme with an outlay of ₹24,000 crore is going to incentivize domestic manufacturing of solar panels and modules, further pushing the solar energy capacity in the country.
- Solar Parks: India plans to establish 50 solar parks with an aggregate capacity of 38 GW by 2025-26 to provide enough infrastructure for clean energy production.
- RPO: The government has laid out the RPO plan till 2029-30, thereby making long-term commitments to renewable energy procurement.
- PM Surya Ghar Muft Bijli Yojana: This would try to achieve 1 crore solar installations by 2026-27 with investment worth ₹75,021 crore. The program would definitely change the energy access landscape of households in India.
Industry Collaboration and Global Partnership
The Indian government also has an interest in creating the right atmosphere for industrial collaborations. Minister Joshi spoke of the REInvest 2024 event, which was handled by the Ministry of New and Renewable Energy (MNRE) and the November 2024 Chintan Shivir, which focused on fast-track growth of the renewable energy sector.
Besides this, there is going to be a high-level meeting at Mumbai during January 2025. Representatives of the bank, the industry, and state governments will discuss problems and clear bottlenecks for the renewable energy sector.
India is aggressively inviting global leaders and industry stakeholders to join the nation in its green and sustainable future. The government is keen to partner with international players to create an ecosystem of renewable energy that will contribute to a cleaner planet.
Conclusion
India is going to be a beacon example for the world regarding renewable energy. As it is moving on to be a capital of renewable energy, the country is all set to stay on the clean energy transition map and keep shining brightly globally. While India continues working toward the 500 GW target for renewable energy by 2030, the country stands ready to become the next leader in this new world of sustainability. India’s renewable energy sector is going to be explosive exponentially, and pretty evident that the future will be green.
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