For all those doubting Thomases of India’s goal of reaching 450 GW of renewable energy (RE) by 2030, the recent strides India has made in the renewable energy space answers all questions. India has already crossed the 100 GW RE mark. Well begun, is half done. Globally, India ranks fifth in solar power capacity and fourth in renewable energy capacity. It retained its third rank in the EY renewable energy country attractive index.
India has been punching above its weight and India’s ‘Net Zero’ pledge at the COP 26 summit by the Prime Minister Narendra Modi is a testimony to the will and earnestness. While the net zero target was received with scepticism, the message has been loud and clear that India means business. Sample this: The installed solar energy capacity of India has increased by over 15 times, and stands at approx. 42 GW. Solar power capacity has increased by more than 5 times in the last five years from 6.7 GW to more than 40 GW and wind energy capacity of India has increased by 2.2 times from FY 2016-17 to FY 2020-21.
It is not for nothing that India is touted as the fourth most attractive renewable energy market in the world. Initiatives such as the world’s largest renewable energy park of 30 GW capacity solar-wind hybrid project under installation in Gujarat is a case in point.
The Government of India plans to develop green cities in every state by promoting solar rooftops, solar parks, waste to energy plants and electric mobility-enabled public transportation. Apart from solar, wind and hydropower, the union as well as state governments are tapping biomass, wood waste, landfill gas, municipal solid waste, geothermal and ethanol.
Buoyant by the progress in RE, the under Union Budget 2021-22, the government has also provided an additional capital infusion of Rs. 1,000 crore (US$ 137.04 million) to Solar Energy Corporation of India (SECI) apart from the allocation of Rs. 5,753 crore (US$ 788.45 million) and Rs. 300 crore (US$ 41.12 million) for the ‘Green Energy Corridor’ scheme.
Ministry of New and Renewable Energy is set to undertake Rooftop Solar Programme Phase II in order to install RTS capacity of 4,000 MW in the residential sector by 2022 with a provision of subsidy along with several other significant projects.
The country’s installed renewable energy capacity has increased by over two and a half times and stands at about 150 Giga Watts (including large Hydro), which is about 37 per cent of the country’s total capacity. India has set world’s largest expansion plan in renewable energy with an ambitious target to achieve a capacity of 175 GW worth of renewable energy by the end of 2022. The government of India has also set target for 450 GW by the year 2030.
The Central Electricity Authority (CEA) and CEEW’s Centre for Energy Finance (CEEW-CEF) has jointly launched the India Renewables Dashboard in April 2021 that provides detailed operational information on renewable energy (RE) projects in India. All citizens can get an idea of where India is heading towards renewable energy.By 2040, about 50% of the total electricity requirement in India will be generated by renewable energy.