India’s commitment to renewable energy is integral to its national objectives and international obligations to combat climate change. While coal remains dominant, contributing 47.3% to the total installed power capacity, renewable sources like solar and wind are making significant inroads, accounting for 29.6% of the total installed capacity as of June 2024. This shift towards cleaner energy sources is crucial for balancing energy security with carbon emission reduction.
In the first half of 2024, India added around 12.155 GW of total Solar PV installed capacity, with renewables (excluding large hydro) contributing 14.198 GW. Solar energy, which makes up 85.61% of this new renewable capacity, highlights India’s focus on harnessing solar power. By June 2024, solar energy constituted 19.2% of the total installed power capacity, with a remarkable growth rate of 21.94% compared to June 2023, reaching 85.47 GW. This growth trajectory positions India as a significant player in the global renewable energy sector, particularly in solar power.
The positive impacts of India’s investments in renewable energy extend beyond environmental benefits. This sector is a significant driver of job creation, enhances energy security by reducing reliance on imported fossil fuels, and fosters technological innovation. Decentralized renewable projects empower local communities, promoting inclusive development and ensuring that the benefits of clean energy reach all societal levels. Looking ahead, India’s renewable energy sector is poised for sustained growth, driven by technological advancements, supportive policies, and increasing environmental awareness.
The Indian government’s ambitious targets for renewable energy expansion reflect a steadfast commitment to a sustainable future. The projected addition of over 18 GW of solar PV capacity 2024 will bring the nation closer to the 100 GW milestone, potentially making India a global leader in solar PV capacity. This expansion is supported by initiatives like the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules and Cells, effective from April 1, 2024. The ALMM aims to streamline procurement processes by expanding the list of approved manufacturers and models, ensuring higher quality and reliability of solar modules.
India’s renewable energy sector is a cornerstone of its strategy to mitigate climate change while achieving energy security and economic growth. The country’s pivot towards renewables, despite coal’s dominance, underscores a concerted effort to diversify energy sources. This transition not only addresses environmental concerns but also reduces dependence on fossil fuel imports, enhancing energy security.
The renewable energy sector is also a catalyst for job creation, technological advancement, and economic inclusivity. The proliferation of decentralized renewable projects, especially in rural areas, empowers local communities and fosters development. This inclusive growth model ensures the benefits of renewable energy reach all strata of society, contributing to overall national development.
India’s renewable energy journey is marked by substantial growth, technological advancements, and a strong policy framework. The nation’s investments in this sector address environmental challenges, drive economic growth, and enhance energy security. As India progresses towards its renewable energy targets, it solidifies its role in the global effort to combat climate change and promote sustainable development.
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