India's Ambitious Renewable Energy Goals and Leadership in Solar Innovation
Key Ideas
  • India has achieved 90 GW of solar capacity and aims for 500 GW of renewable energy capacity by 2030, with a focus on green hydrogen production.
  • The country is advancing solar innovation through various schemes like PM-KUSUM and Production-Linked Incentive, empowering communities and strengthening the solar manufacturing sector.
  • Global solar investments have seen significant growth, making solar power the most affordable electricity source in many regions, surpassing coal and gas.
  • India's re-election as President of the International Solar Alliance reinforces its commitment to leading global efforts in solar energy solutions and reducing carbon emissions.
Union Minister of New and Renewable Energy, Pralhad Joshi, announced India's remarkable progress in renewable energy during the 7th General Assembly of the International Solar Alliance in New Delhi. With 90 GW of installed solar capacity, India is well on its way towards the ambitious target of 500 GW of renewable energy capacity by 2030. The country also aims to produce 5 million metric tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity. Noteworthy initiatives like the PM-KUSUM scheme and Production-Linked Incentive are driving solar innovation, empowering communities, and boosting the solar manufacturing sector. Global solar investments have soared from $144 billion in 2018 to $393 billion in 2023, with expectations to reach $500 billion by the end of 2024. These investments are not only expanding capacity but also reducing the cost of solar energy, making it more affordable than traditional sources. As the President of the International Solar Alliance, India is at the forefront of mobilizing resources and deploying solar projects globally, with a vision to achieve energy access for millions, install 1,000 GW of solar capacity, and mitigate 1,000 MT of carbon dioxide emissions annually by 2030. India's re-election as President of the ISA, with France as Co-President, further solidifies its commitment to leading the transition towards sustainable energy solutions and reducing carbon emissions.
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