India's Rapid Renewable Energy Growth: A Global Success Story
Key Ideas
- India's renewable energy sector has seen remarkable progress under PM Modi's leadership, achieving almost 100 GW of solar capacity and aiming for 500 GW of non-fossil fuel capacity by 2030.
- The country's tariff for grid-connected solar power has decreased by 80%, making India a leader in affordable renewable energy and attracting strong investor confidence.
- India is on track to achieve 1,800 GW of renewable energy capacity by 2047 and has overtaken Brazil to become the third-largest renewable energy market globally.
- The SIGHT Programme focusing on green hydrogen production showcases India's potential and leadership in this field, expected to drive innovation and industrial growth further.
Union Minister for New and Renewable Energy, Shri Pralhad Joshi, highlighted India's significant achievements in the renewable energy sector during the third India Energy Transition Conference in New Delhi. Under PM Modi's leadership, India has rapidly increased its renewable energy capacity, with almost 100 GW of solar already installed and plans to add 50 GW annually. The country's renewable capacity has surged by almost 200% in the last decade, showcasing its commitment to sustainable development and energy transition. The decrease in solar power tariff by 80% has made India a leader in affordable renewable energy, attracting substantial investment commitments. India aims to achieve 500 GW of non-fossil fuel capacity by 2030 and has set an ambitious target of 1,800 GW by 2047. Additionally, the successful implementation of initiatives like PM SuryaGhar Yojana demonstrates the impact of India's policies on ground-level installations. The Minister also emphasized the importance of RE financing to meet the rising energy demand and discussed engaging more with stakeholders to address sectoral challenges. India's global recognition in the renewable energy market has been growing, with the country surpassing Brazil to become the third-largest market globally. Furthermore, the focus on green hydrogen through initiatives like the SIGHT Programme reflects India's proactive approach towards sustainable energy solutions, expected to drive innovation and industrial growth. The strong investor confidence in India's renewable energy sector was evident with significant investment commitments made at the RE-Invest event, further solidifying India's position as a key player in the global renewable energy landscape.
Topics
India
Renewable Energy
Energy Transition
Global Leadership
Sustainable Development
Policy Stability
Investment Commitments
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