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India Aims to Be the Renewable Energy Capital of the World: Union Minister Pralhad Joshi

"India Aims to Be the Renewable Energy Capital of the World: Union Minister Pralhad Joshi New Delhi: Union Minister for New and Renewable Energy, Pralhad Joshi, highlighted India's significant progress in renewable energy at the 5th CII International Energy Conference and Exhibition (IECE).
Speaking at the event, the Minister stated that India is on track to becoming the renewable energy capital of the world under the leadership of Prime Minister Narendra Modi.
“What India achieves in renewable energy is not only watched globally but also adopted by other countries,” said Joshi. He praised the International Solar Alliance, initiated by India, which now has 120 member nations, as a model for global collaboration in clean energy.

Rapid Growth in Renewable Energy

India's renewable energy sector has seen tremendous growth. Between April and November 2024, nearly 15 GW of new renewable energy capacity was added, a significant jump compared to 7.54 GW during the same period last year.
India’s total installed capacity in non-fossil fuel energy has reached 214 GW, reflecting a 14% year-on-year growth.
In November 2024 alone, 2.3 GW of new capacity was added, a fourfold increase from 566 MW in November 2023.

Ambitious Renewable Energy Targets

The Union Government remains committed to achieving 500 GW of non-fossil fuel capacity by 2030. Despite having one of the largest coal reserves globally, India maintains one of the lowest per capita emissions worldwide, at just one-third of the global average.
Joshi emphasized that India is the only G20 nation to achieve the Sustainable Development Goals (SDGs) set during the Paris Climate Summit 2015 well before the deadline. The government’s focus is to link sustainable energy growth with achieving Viksit Bharat by 2047.

Key Government Initiatives

To further accelerate renewable energy adoption, several initiatives have been rolled out:
Production-Linked Incentive (PLI) scheme with a ?24,000 crore outlay to boost domestic manufacturing of solar panels and modules.
Establishing 50 solar parks with a combined capacity of 38 GW by 2025-26.
Defining the Renewable Purchase Obligation (RPO) trajectory up to 2029-30.
Launching the PM Surya Ghar Muft Bijli Yojana, aiming to install 1 crore rooftop solar systems by 2026-27 with a ?75,021 crore allocation.
The Minister also announced upcoming initiatives, including a Mumbai meeting in January 2025 with banks, industry leaders, and state officials to address bottlenecks in renewable energy projects.

Partnering for a Green Future

Union Minister Joshi invited global leaders and stakeholders to collaborate with India in its journey towards a green and sustainable future. Highlighting India's leadership, he launched the CII-EY Energy Transition Investment Monitor Report during the conference, themed “Global Dialogue on Energy Transformation.”
Events like REInvest in September 2024 and Chintan Shivir in November 2024 have further bolstered India’s renewable energy ambitions.
As the world watches, India is setting a benchmark in clean energy, showcasing a path for sustainable and inclusive growth.
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