India has embarked on a significant journey to reach net-zero carbon emissions by 2070. This goal is deeply intertwined with the nation’s expansion of renewable energy sources. As India aligns its efforts with sustainable development, the focus on clean energy becomes ever more critical.
In 2014, India's solar energy capacity stood at a modest 2.5 GW. Fast forward a decade, and this figure has skyrocketed to 89 GW by 2023. The objective is to further boost this capacity to at least 500 GW by 2030, fostering a clean energy revolution.
Since 2010, India has significantly reduced the cost of solar power. The grid-connected solar power tariff has dropped by 76%, from ₹10.95 per kWh in 2010 to ₹2.60 per kWh in 2023-24. This affordability is driven by increased capacity and government initiatives like the Production Linked Incentive (PLI) scheme.
India has rolled out several initiatives to boost renewable energy. The Strategic Interventions for Green Hydrogen Transition (SIGHT) aims to enhance domestic manufacturing and cut down import reliance. Schemes like PM Kusum and PM Surya Ghar Yojana encourage solar energy use in agriculture and homes.
The Ministry of New & Renewable Energy (MNRE) intends to install 50 GW of renewable energy capacity annually. The target is to fulfill 50% of India’s energy needs from renewables by 2030, focusing on solar and wind power as primary sources.
Co-founded by India and France, the International Solar Alliance (ISA) promotes global solar energy adoption. It aims to create an international ecosystem for solar infrastructure development, enhancing global cooperation.
The renewable energy sector promises to create jobs and stimulate local economies. It also tackles environmental issues, including air pollution, while reducing dependence on fossil fuels. This shift supports India’s energy security and economic sustainability.
Renewable energy is crucial for reducing carbon emissions and meeting energy needs sustainably. Backed by international collaborations, India positions itself as a leader in the global energy transition.
By 2030, India aims for 500 GW of renewable energy capacity, meeting half of its energy demands from renewables, and significantly lowering carbon emissions. The focus will remain on solar, wind, and hybrid technologies. Private investors, alongside government efforts, play a pivotal role in this clean energy shift, with events like MNRE’s RE-Invest 2024 fostering collaboration and investment.
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