India's Clean Energy Revolution in 2024: Record Capacity, Manufacturing Growth, and Policy Milestones
Key Ideas
- India reached a milestone with total renewable energy capacity crossing 200 GW, aligning with the 500 GW target by 2030.
- Record bidding activities with 47 GW of renewable capacity auctioned in FY24, signaling positive growth in the sector.
- Significant progress in solar manufacturing with a surge to 60 GW in module production, aiming for 100 GW by 2030.
- India emphasizing on green hydrogen with key initiatives awarding capacity and subsidies for production and ammonia projects.
India's clean energy landscape in 2024 saw remarkable growth with record renewable capacity tendering and installations. The country's renewable energy capacity crossed 200 GW, aligning with the ambitious target of achieving 500 GW from non-fossil sources by 2030. The installation capacity doubled in a year, reaching 24 GW, showcasing positive momentum in the sector. The launch of the PM Surya Ghar: Muft Bijli Yojna aimed at installing rooftop solar in one crore households further highlights India's commitment to clean energy. The surge in solar manufacturing, from 2 GW to 60 GW in module production, signifies a move towards self-sustainability, reducing import dependence. Policy measures like ALMM-I and ALMM-II have bolstered the demand for domestic modules and cells. Additionally, the focus on green hydrogen through the National Green Hydrogen Mission is evident with significant capacity awards and subsidies, driving the sector's growth and sustainability.