India Emerges as Clean Energy Leader with Record Renewable Capacity Growth in 2024
Key Ideas
- India surpassed 200 GW of clean energy capacity in 2024 with a projected investment of over USD 32 billion by 2025, leading in renewable energy growth globally.
- The country aims to achieve 500 GW of renewable energy capacity by 2030, with ambitions to add 50 GW annually and shift towards decarbonization.
- Challenges in 2025 include reducing the cost of green hydrogen, establishing standards, and identifying demand for its consumption, yet the sector remains optimistic about expanding production capacities.
- Key figures in the industry emphasize the importance of public-private partnerships, innovation, policy enforcement, and low-cost financing to drive the success of clean energy initiatives.
India has made significant strides in clean energy, surpassing 200 GW of installed capacity in 2024 and emerging as a leader in renewable energy growth. The country's renewable capacity additions are set to quadruple by 2030, with a focus on solar and wind energy expansion. The commitment to decarbonize and transition away from fossil fuels is evident in the scaling up of domestic manufacturing for solar PV and wind turbines. With a target of 500 GW of renewable energy capacity by 2030, India is aiming to add 50 GW annually. The Minister of New & Renewable Energy highlighted the remarkable progress in the sector in 2024, with substantial capacity additions and a surge in investments. Amidst the achievements, the industry faces challenges in 2025 related to reducing the cost of green hydrogen, establishing standards, and stimulating demand. Despite these challenges, there is optimism about expanding production capacities and advancing a Green Hydrogen Certification Scheme. Industry experts emphasize the importance of public-private partnerships, innovation, policy enforcement, and low-cost financing to drive the success of clean energy projects. The sector envisions a pivotal year in 2025, with opportunities for growth in battery energy storage, policy enhancements, project awards, and financing.