In Short : Renewable energy is driving India’s economic growth by creating jobs, enhancing energy security, and reducing carbon emissions. With a target of 500 GW non-fossil fuel capacity by 2030, the sector is attracting significant investments, boosting innovation, and promoting sustainable development. This transition supports long-term economic goals while positioning India as a global leader in green energy.
In Detail : India’s ambitious goal of attaining net-zero carbon emissions by 2070 is centered on the expansion and integration of renewable energy sources, which is a key component of the country’s commitment to sustainable development path. As one of the world’s fastest-growing economies with a rapidly expanding population, India faces the combined challenge of meeting rising energy consumption while reducing carbon emissions. Renewable energy represents the most viable solution for balancing these factors.
आत्मनो मोक्षार्थंजगद्हि ताय च – which indicates for own liberation and for the welfare of the world. Despite having one of the lowest per capita emissions in the world, India is not only championing the cause of clean energy under PM Narendra Modi, but also inspiring other nations to join the cause.
India’s resolve to combating climate change was emphasized in its announcement at COP26 in Glasgow, where Prime Minister Narendra Modi laid out five key targets under the “Panchamrit” initiative, with renewable energy being a critical component. The country pledged to achieve 500 GW of non-fossil fuel energy capacity by 2030 and meet 50 per cent of its energy requirements from renewables by the same year with solar energy accounting for 58 per cent and wind about 20 per cent. These targets align with India’s broader aim of reducing its projected carbon emissions by one billion tons and decreasing the carbon intensity of its economy by 45 per cent by 2030.
Renewable Energy is one sector where the Government under Prime Minister Narendra Modi has unleashed transformational changes in the last 10 years. Prime Minister’s special focus on renewable Energy sector has helped India stand 4th globally in renewable energy installed capacity, 4th in Wind installed capacity & 5th in Solar capacity. In Solar capacity, India had reached just 12.5 GW till 2014, achieving around 89 GW now, which is more than 30 times more in just 10 years.
Even in wind installed capacity, there is 2.2 times jump in 10 years, from 21 GW to 47 GW. On the affordability front, there has been a 76% decrease in tariff for Grid connected solar power plants from Rs 10.95 in 2010-11 to Rs 2.60 during 2023-24. The Prime Minister has led from the front and shown us the direction in the RE sector, which is now reaping rich dividends for the country.
Over the 10 years, development and deployment of new and renewable energy sources to meet energy requirement has been on a mission mode. About 55 per cent of the 200 GW installed capacity of renewable energy in the country comes from solar power. Another substantial chunk of about 30 per cent comes from wind power.
India has also implemented programs such as the Production Linked Incentive (PLI) scheme to increase domestic production of solar modules and minimize dependency on imports. The incentive for domestic cell production has been a boon for Green Growth in India, leading to Atmanirbharta in the sector. Alongside, strategic Interventions for Green Hydrogen Transition (SIGHT) programme in green hydrogen offers incentive for manufacturing of electrolysers and production of green hydrogen.
The Green Hydrogen story of India is inspiring. Similar to what India achieved with Covid vaccine by producing its own vaccine, India is pioneering the Green Hydrogen revolution as it aims to become a hub of production and exports in the globe. Here too, steps taken by PM Modi made this transformation possible! In fact, when it comes to adoption of EV infrastructure in the country, the Prime Minister is keen on paving the way for using only renewable sources for charging the EV vehicles in the future, without using fossil fuel energy sources. The PM Surya Ghar Yojana can also play a role here with citizens using solar rooftops to power up their vehicles.
The Scale and Speed at which India is charting the renewable journey is unmatched and a result of direct intervention by PM Modi. Now, India is not just another player in this space, but we are also Leading! India’s transformative journey in renewable sector has positioned us among the Front Runners & given us global recognition in last 10 years.
The impact is being felt now and Brand India is making all the right noises. This has led the Ministry of New & Renewable Energy to host RE-INVEST 2024 in Gandhinagar, Gujarat on 16-18 September 2024, which will be inaugurated by Prime Minister Narendra Modi, with the aim of exchanging learnings from best practices in the sector and forging new alliances as we move towards achieving 500 GW of installed renewable energy capacity by 2030. There will be participation from Germany, Denmark, Australia, Norway and UAE. The event will also have various State governments, banks, financial Institutions, investors & private players giving their commitments in the form of Shapath-Patra specifying their plans/targets for Renewable Energy sector.
Government is promoting use of renewable energy through renewable energy purchase obligations and renewable generation obligation. These mandates fit into the national vision of moving towards green growth and adherence to obligations makes it possible for individual entities to move on the path of energy transition.
India wants to achieve 50 per cent of its cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The plan is to bid out at least 50 GW of capacity every year. SECI, NTPC Ltd, NHPC and SJVN have been notified by the Government as Renewable Energy Implementing Agencies (REIAs) for calling bids for solar, wind, solar-wind hybrid, RTC RE power, etc.
Despite India’s tremendous gains in renewable energy generation, some issues need focus to meet its ambitious targets. For instance, financing for major projects, particularly in developing countries, needs to be strategized. Foreign financial institutions and climate funds are lending major support to India’s renewable energy transformation. As per estimates, India will need approximately 30 lakh crore worth of investments to achieve its RE and non-fossil energy target of 500 GW by 2030.
India’s renewable energy journey is supported by strong policy backing and international partnership. Initiatives like the International Solar Alliance (ISA), cofounded by India and France, seek to promote solar energy use worldwide, particularly in developing countries.
Transitioning to a renewable energy-based economy will have significant socioeconomic benefits for India. Furthermore, renewable energy projects, particularly in rural regions, can create jobs and stimulate local economic growth. RE is particularly important for resolving public health concerns about air pollution, which is an issue in many cities. A transition to cleaner energy sources can result in better health outcomes.
Under the leadership of Prime Minister Modi, India has made significant progress in the last 10 years towards the target of net zero emissions without compromising its economic development. Our installed renewable energy capacity has skyrocketed from 75.52 GW in March 2014 to more than 203 GW now. That is a phenomenal 165% increase in 10 years.
While challenges remain, continued policy support, technological innovation, and global cooperation will be key to realizing India’s vision of a net-zero future by 2070. I urge all the stakeholders and investors in the Renewable Energy space, the State Governments and international community to participate in this flagship REINVEST Summit to engage together for a sustainable future.
As the world’s largest democracy and a rapidly developing nation, India’s renewable energy journey will serve as a model for other emerging economies navigating the path to sustainability.
