India has surpassed its 2030 renewable energy goals; the government supports the energy transition through targeted policies, subsidies and incentives, such as production-linked incentives and tax credits.
Investment in renewable energy hit record levels in India in the 2021-22 financial year, according to a new report from the Institute for Energy Economics and Financial Analysis. A total of $14.5 billion was invested in renewable energy, up by 125% compared with financial year 2020-21 and 72% higher than in
Report on India''s Renewable Electricity Roadmap 2030: Towards Accelerated Renewable Electricity Deployment iv Table ES1 RE Grid Integration and Efficient Grid
In October 2021, the Government of India set a target of 450 GW of renewable energy capacity by 2030 and later at the 26th Conference of the Parties (COP 26) to the UN Framework Convention on Climate Change, the Prime Minister announced a revised goal of 500 GW of non-fossil capacity by 2030.
Ministry of New & Renewable Energy (MNRE) is the nodal agency at the central level for promotion of grid-connected and off-grid renewable energy in the country. Ministry''s programmes are implemented in close coordination with State Nodal Agencies (SNAs) for renewable energy (RE).
These include the aims of quadrupling renewable electricity capacity by 2030, more than doubling the share of natural gas in the energy mix, enhancing energy efficiency and transport infrastructure, increasing domestic coal output, and reducing reliance on imports.
Most notably, India has a set a target for reaching net zero emissions by 2070. In recent years, India has scaled up solar and wind power investments and also announced measures to promote domestic clean energy supply chains.
Renewable electricity is growing at a faster rate in India than any other major economy, with new capacity additions on track to double by 2026. The country is also one of the world''s largest producers of modern bioenergy and has big ambitions to scale up its use across the economy.
In terms of installed capacity, solar and hydropower are currently the leading sources of renewable energy in India. With an installed capacity of more than 52 gigawatts, India is among the
India is the world''s 4th largest consumer of electricity and the world''s 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 (160 GW of 400 GW) coming from renewable sources.