India Positioned as Renewable Energy Leader, Says Union Minister Pralhad Joshi at CII Conference

At the 5th CII International Energy Conference and Exhibition (IECE) in New Delhi, Union Minister for New and Renewable Energy, Shri Pralhad Joshi, highlighted India’s significant strides in the renewable energy sector, emphasizing that the country is not only undergoing an energy revolution but is also emerging as the global renewable energy capital.

Addressing the conference, Minister Joshi noted that under Prime Minister Narendra Modi’s leadership, India is becoming a key player in the clean energy domain, with the world closely observing and adopting India’s renewable energy practices. The Minister also pointed to India’s role in establishing the International Solar Alliance, a global collaboration initiative with 120 member countries.

Remarkable Growth in Renewable Energy Capacity

Joshi reported that from April to November 2024, India added nearly 15 GW of renewable energy capacity, nearly doubling the 7.54 GW added during the same period the previous year. The country’s total non-fossil fuel energy capacity has reached 214 GW, marking an increase of over 14% compared to the previous year. Notably, 2.3 GW of new capacity was added in November 2024 alone, a four-fold increase from the 566 MW added in November 2023.

The Minister reiterated India’s commitment to achieving 500 GW of non-fossil fuel-based energy capacity by 2030, despite the nation having one of the largest coal reserves globally. He also highlighted that India maintains one of the lowest per capita emissions, at one-third of the global average, and has already met its Sustainable Development Goals set at the Paris Climate Change Summit ahead of schedule.

Government Initiatives to Accelerate Renewable Energy Growth

Minister Joshi outlined key initiatives to bolster India’s renewable energy sector, including the Production-Linked Incentive (PLI) scheme, with a ₹24,000 crore outlay to boost domestic manufacturing of solar panels and modules. He also mentioned the establishment of 50 solar parks, with a total capacity of 38 GW, planned for completion by 2025-26.

Further, Joshi highlighted the introduction of a trajectory for Renewable Purchase Obligation (RPO) up to 2029-30 and the PM Surya Ghar Muft Bijli Yojana, targeting 1 crore solar installations by 2026-27, with an allocation of ₹75,021 crore.

Future Plans and Global Partnerships

In addition to domestic efforts, the Ministry of New and Renewable Energy (MNRE) hosted the REInvest event in September 2024 and Chintan Shivir in November 2024 to promote the growth of the renewable energy sector. A key meeting is scheduled for January 2025 in Mumbai with representatives from banks, the industry, and state governments to address challenges in the sector.

Minister Joshi invited global leaders and stakeholders to join India in its journey toward a sustainable and green future. At the event, he also launched the CII-EY Energy Transition Investment Monitor Report. The conference, themed “Global Dialogue on Energy Transformation,” attracted industry leaders, policymakers, and experts from around the world.