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Home » News » India’s RE capacity soars, dominating 71 per cent of new additions 

India’s RE capacity soars, dominating 71 per cent of new additions 

May 10, 2024 12:55 pm

India’s RE capacity soars, dominating 71 per cent of new additions 
.

The latest CEEW data reveals a historic shift in India’s power generation landscape. Renewables surpass conventional energy sources and align with national climate goals.

India is experiencing a significant shift in its energy landscape towards renewables, with 71 per cent of new power capacity additions coming from renewable sources in the past fiscal year. This transition, outlined by the CEEW Centre for Energy Finance, aligns with India’s goal of achieving 500 gw non-fossil fuel capacity by 2030, signalling a commitment to sustainable development and climate action.

The energy landscape of the country is transforming profoundly, a strategic shift towards renewable sources that promises to reshape the nation’s energy trajectory. As the fiscal year drew to a close in March 2024, the significance of this transition became evident through a striking statistic: renewable energy accounted for a staggering 71 per cent of all new power capacity additions. This marked departure from conventional fossil fuels like coal and lignite underscores a monumental evolution in India’s energy generation strategy, as reported by CEEW-CEF.

Delving into the details presented in the latest edition of the CEEW-CEF Market Handbook, it becomes apparent that out of the total 26 gw new power generation capacity added during the year, a considerable portion stemmed from renewable sources. Such robust expansion aligns with the ambitious goal of establishing 500 gw non-fossil fuel capacity by 2030, a pivotal component of its broader climate commitments.

The diversification evident in the renewable procurement strategy, including initiatives like wind-solar hybrids and reliable despatchable renewable energy, underscores India’s strategic efforts to maximise renewable capacity. Initiatives such as the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar installations in residential settings, further exemplify India’s commitment to making renewable energy accessible across a broader demographic spectrum.

However, amidst these significant strides, challenges loom on the horizon. A critical hurdle lies in escalating financing to match the rapid expansion of renewable infrastructure. The creation and implementation of innovative financing models emerge as imperative to sustain the sector’s growth trajectory, necessitating a collaborative effort among diverse stakeholders.

As the country marches forward, overcoming challenges, particularly in scaling financial resources, its trajectory toward a sustainable, resilient, and equitable future appears promising. This renewable energy revolution reflects a shift in numbers and embodies a socio-economic transformation towards sustainability and resilience. Despite challenges like financing, remains steadfast in its commitment, positioning itself as a global leader in clean energy and paving the way for a promising future of environmental stewardship and energy independence.

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