India is set to connect a record 35 gigawatts (GW) of solar and wind energy capacity to its grid by March 2025. This ambitious plan aims to accelerate progress towards its 2030 clean energy targets. The country, currently the third-largest solar power producer globally, is working to overcome previous setbacks in renewable energy expansion.
In recent years, India prioritized coal to meet rising power demand, leading to slower growth in solar power. As a result, solar generation increased at its slowest pace in six years during the first half of 2024. Despite this, India expects significant growth in the current fiscal year. Bhupinder Singh Bhalla, top official at the Ministry of New and Renewable Energy, announced that India will add 30 GW of solar capacity and 5 GW of wind capacity.
From April to August 2024, India added 10 GW of renewable capacity. This brings the total to approximately 153 GW. Bhalla expressed confidence that next year’s additions will surpass this year’s figures. He also highlighted the growing market demand for battery-linked storage projects, hinting at more tenders for these projects in the near future.
India’s renewable energy goals face challenges. The country is still 13% short of its 2022 pledge to reach 175 GW of renewable energy capacity. As the world’s third-largest greenhouse gas emitter, India has a substantial task ahead. However, with a population of about 1.5 billion, its per capita emissions remain among the lowest among major economies.
To meet its 2030 target of 500 GW of non-fossil power capacity, India will need to increase its clean energy additions by about 30% annually. This underscores the considerable effort required to achieve its climate goals.
Financial support for renewable projects is substantial. Renewable Energy Minister Prahlad Joshi announced that institutions have pledged $386 billion for clean energy by 2030. Additionally, clean energy developers have committed to increasing India’s non-fossil capacity by 570 GW.
Major Indian conglomerates are also making significant contributions. Reliance Industries has committed to adding 100 GW of renewable capacity by 2030. Adani Green Energy has pledged 38.8 GW of additional capacity. These commitments highlight India’s dedication to expanding its renewable energy sector and addressing climate change.