India has achieved a remarkable feat in renewable energy, with a record addition of 18.48 GW in capacity during the fiscal year 2023-24, marking a significant increase from the previous year's 15.27 GW, as per the Ministry of New & Renewable Energy. However, experts caution that sustaining this momentum is crucial, emphasizing the need to add a minimum of 50 GW annually for the next six years to achieve the ambitious target of 500 GW of renewables by 2030.
According to official data, India's total installed renewable energy capacity stands at 143.64 GW as of March 31, 2024, excluding 47 GW from large hydropower projects exceeding 25 GW each. Factoring in these projects, the country's renewable energy capacity reaches approximately 190 GW, indicating the necessity of adding 310 GW over the next six years, averaging around 50 GW per year.
Union Power and Renewable Energy Minister RK Singh expressed confidence in surpassing the 500 GW target ahead of schedule. He highlighted the significant progress, citing 103 GW under construction and 72 GW under bidding, bringing the total close to 360 GW.
In line with this ambitious goal, the Ministry aims to bid out approximately 50 GW of renewable energy projects annually. Solar installations dominated the capacity addition in 2023-24, accounting for 12.78 GW, followed by wind energy at 2.27 GW.
Among the renewable energy sources, solar leads with a total installed capacity of 81.81 GW, followed by wind energy at around 46 GW, biomass cogeneration at 9.43 GW, and small hydro with 5 GW (up to 25 MW each).
Gujarat and Rajasthan emerge as the states with the largest renewable energy capacities, boasting around 27 GW each, followed by Tamil Nadu with approximately 22 GW, Karnataka with about 21 GW, and Maharashtra with around 17 GW. Himachal Pradesh and Andhra Pradesh also contribute significantly, with installed capacities of about 11 GW each.
This surge in renewable energy capacity underscores India's commitment to sustainable development and energy transition. It not only aligns with global climate goals but also presents immense opportunities for economic growth and energy security.
As India continues its journey towards a greener future, concerted efforts from government, industry, and other stakeholders will be essential to overcome challenges and realize the full potential of renewable energy.