India’s renewable energy capacity nearly doubled to 15 GW during April-November this fiscal compared to the same period last year, demonstrating India’s strong commitment to achieving 500 GW of non-fossil fuel capacity by 2030, Union New & Renewable Energy Minister Pralhad Joshi announced at the CII International Energy Conference & Exhibition 2024 in New Delhi.
Joshi highlighted India’s remarkable progress in the renewable energy sector under the Prime Minister’s leadership, positioning the country as a global leader in clean energy. Between April and November, India added 15 GW of renewable capacity, a significant rise from 7.54 GW in the previous year. The total installed non-fossil fuel capacity now stands at 214 GW, reflecting a 14% year-on-year growth.
The government’s energy sector transformation aligns with its vision of Viksit Bharat by 2047, emphasizing sustainable and green growth. Notably, 2.3 GW of capacity was added in November alone, a fourfold increase from 566 MW in November 2023. Over the past three years, India has attracted USD 6.1 billion in FDI into renewables.
To boost domestic manufacturing, the Production-Linked Incentive (PLI) scheme, with an outlay of rs. 24,000 crore, supports solar panel production. Additionally, 50 solar parks with a combined capacity of 38 GW are planned by 2025-26. The PM Surya Ghar Muft Bijli Yojana aims for 1 crore rooftop solar installations by 2026-27, backed by Rs. 75,021 crore.
Under the National Green Hydrogen Mission, rs. 17,490 crore supports electrolyzer manufacturing and green hydrogen production. Two bidding rounds have already allocated 3,000 MWPA electrolyzer capacity and 4.12 LTPA green hydrogen production. New tenders for green hydrogen (4.5 LTPA) and green ammonia (7.39 LTPA) are also live.
Mr. Joshi invited industry participation, sought suggestions for the upcoming budget, and unveiled the second edition of the CII-EY Energy Transition Investment Monitor report.
