Ten years ago, India’s renewable energy landscape looked very different. Fossil fuels had taken precedence, and there were significant power supply issues across the nation. However, the realisation of the economic and environmental benefits of renewable energy prompted an important change in course.
The renewable energy resources of India have seen a staggering surge in recent times, catapulting India to the top solar power producers worldwide. As per the Indian Union Minister of Consumer Affairs, Food and Public Distribution and Minister of New and Renewable Energy, Mr Pralhad Joshi, India’s capacity has almost quadrupled from just 76 GW in 2014 to 200 GW in June 2024. Not just that, solar energy has seen particularly remarkable growth, growing from just 3 GW at the time to a staggering 85 GW in the present.
This increase can be attributed to numerous government-led programs designed to facilitate renewable energy adoption. India’s progress in renewable energy development has been significantly helped by its focus on public-private partnerships and willingness to collaborate in international partnerships. These initiatives, in conjunction with the regular auctions of renewable energy, have played a key role in ensuring sustainable yet financially sustainable pricing of solar energy.
The Indian solar revolution is a significant move towards adopting sustainable energy options, especially solar energy, and with a remarkable commitment. As one of the top carbon emitters and climate change contributors their commitment to renewable energy is a powerful weapon to overcome these challenges.
During the RE-Invest 2024 conference, Mr Joshi highlighted that the Indian Renewable Energy Development Agency (IREDA) has already allocated Rs 1.9 lakh crore and is set to invest an additional Rs 5 lakh crore. The government has attracted unprecedented investment commitments amounting to Rs 32.45 lakh crore through ‘Shapath Patras’ for projects leading up to 2030. Furthermore, state governments have pledged to establish 520 GW of renewable energy capacity. In comparison, manufacturers have committed to expanding production with 430 GW for solar modules, 240 GW for solar cells, 22 GW for wind turbines, and 10 GW for electrolysers.
In addition, the per capita energy consumption of India is 1200 kW/hr, which is relatively lower than the global countries, including the US, Germany & South Korea, i.e. 10000 kW/hr to 12000 kW/hr. This is a sign that sustainable growth and economic development aren’t mutually exclusive and may actually be complementary.
India’s solar revolution has not just created possibilities for collaboration across borders but has also actively welcomed these opportunities. Through collaborations such as that of the International Solar Alliance (ISA), India is promoting global collaborations that not only address the energy needs of its citizens but also aid in the effort of all nations to cut carbon emissions. It is also generating the possibility of international collaboration in the field of renewable energy.
With a supportive policy framework, a growing investment base, and an unwavering dedication to environmental sustainability, India is not only set to be one of the world’s top solar markets. India is emerging as a major contributor to establishing a greener and more sustainable planet, bringing optimism for sustainable energy in the near future.
The writer is Group Executive Director & CEO, Hartek Group