India to become Renewable Energy Capital of the world, A step toward Global leadership

India is not only witnessing an energy revolution but is also on its way to becoming the renewable energy capital of the world. Union Minister for New and Renewable Energy, Shri Pralhad Joshi, shared this vision at the 5th CII International Energy Conference and Exhibition held in New Delhi. He emphasized that India's initiatives in renewable energy are being closely observed globally, with many countries adopting the innovative steps taken by the nation.

Shri Joshi highlighted that between April and November of the current financial year, India added 15 gigawatts (GW) of renewable energy capacity almost double the 7.54 GW added during the same period last year. He further revealed that India's total installed capacity in the non-fossil fuel energy sector has reached 214 GW, reflecting a year-on-year increase of over 14%. In November 2024 alone, 2.3 GW of new capacity was added, a four-fold increase compared to the 566 megawatts added in November 2023.

Vision for a Developed India with Green Energy by 2047:

The Union Minister stated that despite having one of the world's largest coal reserves, India's per capita emissions remain at just one-third of the global average. Shri Joshi added that India is the only G20 nation to have achieved the sustainable development goals outlined in the 2015 Paris Climate Agreement ahead of schedule. He stressed that the ongoing transformation in India's energy sector is driven by a commitment to achieving a developed India by 2047, which is intrinsically linked to sustainable and green growth.

Government Initiatives to Boost the Renewable Energy Sector:

Shri Joshi outlined several key measures undertaken by the Central Government to accelerate the growth of renewable energy in India. These include the introduction of the Production-Linked Incentive (PLI) scheme with a budget allocation of ₹24,000 crore, aimed at enhancing domestic production of solar panels and modules. Additionally, the government is working to establish 50 solar parks with a combined capacity of 38 GW by 2025-26.

Under the PM Surya Ghar Muft Bijli Yojana, the government has set a target of achieving 1 crore solar energy installations by 2026-27, supported by a budget of ₹75,021 crore.

Resolving Challenges in the Renewable Energy Sector: The Minister announced that the Ministry of New and Renewable Energy organized events like REInvest 2024 in September and a Chintan Shivir in November to address existing challenges in the sector. A meeting is planned in January 2025 in Mumbai, involving banks, industry representatives, and state government officials, to devise solutions for these bottlenecks. Shri Joshi invited global leaders and stakeholders to partner with India in its mission for a sustainable and green future.

Industry Insights and Report Launch: At the event, Shri Pralhad Joshi also launched the Energy Transition Investment Monitor Report. Themed "Global Dialogue on Energy Transformation," the conference witnessed participation from industry leaders, policymakers, and experts, fostering discussions on India's leadership in the renewable energy domain.