Union Minister for New and Renewable Energy, Pralhad Joshi, on Tuesday said that India is on track to becoming the renewable energy capital of the world.
Addressing the 5th CII International Energy Conference and Exhibition (IECE) in New Delhi, Joshi highlighted the country’s rapid advancements in clean energy under Prime Minister Narendra Modi’s leadership.
He emphasized that India’s renewable energy journey is not only being closely monitored globally but also being replicated by several other nations.
India’s role as a leader in the International Solar Alliance, which now includes 120 signatory countries, was spotlighted by Joshi, reflecting its commitment to global collaboration in clean energy initiatives.
Joshi said that from April to November 2024, India added nearly 15 GW of renewable energy capacity, almost double the 7.54 GW added during the same period last year.
He added that India’s total non-fossil fuel energy capacity now stands at 214 GW, representing a 14% increase compared to the previous year.
Remarkably, November 2024 alone saw the addition of 2.3 GW of new capacity, a four-fold rise from 566 MW in November 2023.
Joshi added that the Union Government remains steadfast in its goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030.
Despite being home to one of the world’s largest coal reserves, India has maintained one of the lowest per capita carbon emissions—about one-third of the global average.
The Minister also noted that India is the only G20 nation to have met the Sustainable Development Goals set at the 2015 Paris Climate Agreement well before the deadline.
The ongoing transformation of India’s energy sector is part of a broader vision to achieve “Viksit Bharat” by 2047 through sustainable and green growth.
Among the initiatives unveiled by the Union Government is the Production-Linked Incentive (PLI) scheme, with an investment of Rs. 24,000 crore aimed at boosting domestic manufacturing of solar panels and modules.
Additionally, plans to establish 50 solar parks with a combined capacity of 38 GW by 2025-26 were discussed.
Joshi also said that the PM Surya Ghar Muft Bijli Yojana, targets the installation of 1 crore solar energy systems by 2026-27, with a financial outlay of Rs. 75,021 crore.
Provisions for a Renewable Purchase Obligation (RPO) trajectory up to 2029-30 are also in place to ensure a long-term focus on renewable energy adoption.
In his address, Joshi mentioned key initiatives like the REINVEST and Chintan Shivir events held in September and November 2024, respectively, to support the growth of the renewable energy sector.
An upcoming meeting in January 2025, to be held in Mumbai, will bring together banks, industry leaders, and state government officials to address challenges facing the sector.
Joshi also launched the CII-EY Energy Transition Investment Monitor Report at the conference, themed “Global Dialogue on Energy Transformation,” which saw participation from industry leaders, policymakers, and experts.
India’s commitment to leading the world in renewable energy development was reiterated as the Minister invited global stakeholders to join hands in shaping a green and sustainable future.
