India's Ambitious Renewable Energy Targets and Green Initiatives
Key Ideas
- India doubled its renewable energy capacity addition to 15 GW from April to November 2024-25 compared to the same period in the previous fiscal year.
- The country's total installed renewable power capacity has reached 214 GW, and the government aims to achieve 500 GW of non-fossil fuel-based generation capacity by 2030.
- Foreign direct investment in India's renewable energy sector reached $6.1 billion in the last three financial years, indicating investor confidence.
- The government is actively promoting green initiatives like the Green Hydrogen Mission and offering significant financial support for green hydrogen production and local electrolyser manufacturing.
India has made significant strides in the renewable energy sector, with the Ministry of New and Renewable Energy announcing a substantial increase in renewable energy capacity addition. During April-November 2024-25, the country added 15 GW of renewable energy capacity, compared to 7.54 GW in the same period the previous year. The government has set an ambitious target of achieving 500 GW of non-fossil fuel-based generation capacity by 2030. This commitment was emphasized by Minister Pralhad Joshi during the CII International Energy Conference and Exhibition 2024 in New Delhi.
Minister Joshi highlighted the significant growth in renewable energy capacity addition, including the recent addition of 2.5 GW capacity in November 2024. The sector has also attracted substantial foreign direct investment amounting to $6.1 billion in the last three financial years alone. To support domestic production of solar panels and modules, a Rs24,000-crore production-linked incentive (PLI) scheme has been launched.
The government is actively promoting green initiatives, with plans to set up 50 solar parks with a total capacity of 38 GW by 2025-26. Additionally, under the PM Surya Ghar Muft Bijli Yojana, households are offered free installation of roof-top solar power generation capacity, enabling them to access electricity free of cost.
In line with the focus on green initiatives, Minister Joshi mentioned the Green Hydrogen Mission, which aims to promote local production of electrolysers. The government has allocated Rs4,000 crore under the SIGHT program of the National Green Hydrogen Mission for this purpose. Moreover, significant financial support of Rs13,050 crore is being provided for green hydrogen production. The unveiling of the CII report on 'Energy Transition for Viksit Bharat 2047', developed in collaboration with EY, further signifies India's commitment to sustainable energy practices.
Topics
Production
Renewable Energy
Investment
Solar Power
Green Initiatives
Sustainable Growth
Foreign Direct Investment
Targets
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