In a recent statement, India’s Union Power Minister, R K Singh, announced ambitious plans to significantly increase the country’s reliance on renewable energy sources. Speaking at an event to launch a book authored by Sumant Sinha, Chairman of ReNew Power, the minister revealed that India is poised to achieve a remarkable 65% share of renewable energy in its energy mix by the year 2030.
Minister Singh highlighted the remarkable progress that India has already made in the realm of renewable energy. Back in 2015, the country had set a target of reaching 40% renewable energy penetration by 2030. Remarkably, this goal was accomplished in 2021 – a full nine years ahead of schedule. Encouraged by this success, the government now aims to increase the share of renewable energy in its total installed power generation capacity to 65% by 2030.
To achieve this goal, India has set an ambitious target of adding 50 GW of renewable energy capacity each year. At present, the nation boasts an impressive 186 GW of non-fossil fuel-based installed power generation capacity. This substantial capacity is part of the country’s current overall power generation capacity of 423 GW.
However, meeting the rapidly growing power demand remains a challenge. Minister Singh highlighted the need for an additional 40 GW of electricity this year alone, as the country’s power demand has surged by 14%. To address this demand, the government is diligently working towards expanding its renewable energy capacity.
The book authored by Sumant Sinha, titled ‘Fossil Free – Reimagining Clean Energy in a Carbon Constrained World’, has been endorsed by Minister Singh as a relevant and insightful resource. The book delves into the sector’s evolution and offers a roadmap to bolster renewable energy sources in the contemporary context.
Sinha, the Founder, CEO, and Chairman of ReNew Power, emphasized the critical role of round-the-clock power supply in the context of renewable energy integration. He underscored the significance of redirecting a substantial portion of India Inc’s annual capital expenditure of approximately USD 100 billion towards renewable energy initiatives to achieve the ambitious target of 500 GW renewable energy capacity by 2030.
India’s pursuit of a greener energy future has certainly gained momentum, with plans to not only meet but exceed its renewable energy targets. The first edition of Sinha’s book was originally launched in 2020, and its insights continue to shape the dialogue surrounding India’s transition to cleaner energy sources.