India is making significant strides in the field of renewable energy, with a focus on sustainable development and reducing dependence on fossil fuels. The country is the 4th largest globally for total renewable power capacity additions, standing 4th in both wind power capacity and solar power capacity.
Renewable Energy Capacity
India has set an ambitious target at the COP26 of 500 GW of non-fossil fuel-based energy by 2030, marking the world’s largest expansion plan in renewable energy. The country’s installed non-fossil fuel capacity has increased 396% in the last 8.5 years and stands at more than 179.322 Giga Watts (including large Hydro and nuclear), about 43% of the country’s total capacity as of July 2023.
The installed solar energy capacity has increased by 24.4 times in the last 9 years and stands at 67.07 GW as of July 2023. The installed Renewable energy capacity (including large hydro) has increased by around 128 % since 2014.
Investment Opportunities
Investment in renewable energy hit a record level in India during the last financial year. A total of $14.5 billion was invested in renewable energy, up by 125% compared with financial year 2020-21 and 72% higher than in the pre-pandemic period of the 2019-20 financial year.
Government Initiatives
The government has introduced several initiatives to boost renewable energy production. The Production-Linked Incentive (PLI) Scheme aims to enhance India’s manufacturing capabilities and exports in High Efficiency Solar PV Modules. The National Green Hydrogen Mission targets 5 MMT annual green hydrogen/ ammonia production by 2030.
Green Startups
Several startups are also contributing to India’s green revolution, focusing on waste management, alternative sources of energy, and awareness platforms.
Green Buildings
Green buildings are another aspect of India’s sustainable development efforts, helping to sustain depleting natural resources while increasing the quality of life.
In conclusion, India is making significant progress in its journey towards a greener future, with a focus on renewable energy, sustainable development, and green initiatives.
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