India's Renewable Energy Sector: A Sunshine Story of Growth and Innovation
Key Ideas
- Renewable energy in India is rapidly expanding, with solar power leading the growth trajectory. From 76 GW in 2014 to nearly 210 GW now, the target of reaching 500 GW by 2030 seems achievable.
- Initiatives like PM Surya Ghar and PM KUSUM are driving solar energy demand, supported by substantial advancements in manufacturing capabilities. Solar module manufacturing has grown from 2 GW to 60 GW, with a projection to exceed 100 GW by 2030.
- The sector has witnessed significant investments totaling ₹8.5 lakh crore between 2014 and 2023. Financial institutions have pledged ₹25 lakh crore to support renewable energy projects through 2030, indicating strong confidence in the sector's potential.
- Secretary Shri P.K. Singh emphasized the critical role of the Green Hydrogen Mission and the Production-Linked Incentive scheme in advancing the renewable energy sector. India aims for 7.7 metric tonnes of green hydrogen and 15 GW of electrolyser capacity by 2030, fostering innovation and sustainability.
Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy, expressed optimism about the dominance of the renewable energy sector in India's power industry. The significant growth in renewable energy capacity, particularly in the solar sector, was highlighted during the Brainstorming Conclave in New Delhi. Solar capacity has surged from 2.6 GW in 2014 to 91 GW presently, with projections indicating a potential of close to 300 GW by 2030. Investments in the sector have been substantial, with financial institutions pledging significant support for renewable energy projects. The event also underscored the importance of initiatives like the Green Hydrogen Mission and the Production-Linked Incentive scheme for advancing sustainability and innovation in the sector. The target of achieving 500 GW of renewable energy capacity by 2030 reflects a strong commitment to a greener energy future in India.