The Current Status and Expected Future Trend of Renewable Energy in India

A Booming Green Revolution

India's remarkable journey towards renewable energy prominence has placed it on the world stage as a leader in green technology. With a vast renewable energy potential of over 1,000 GW and an installed capacity of 160 GW as of May 2022, the country's strides in clean energy cannot be ignored.

Let's delve into the current status and what the future holds for renewable energy in India.

Current Status of Renewable Energy in India Some impressive figures evidence India's commitment to renewable energy:

• Installed Capacity: India has an installed renewable energy capacity of 160 GW, making up 40% of the total installed capacity.

• Global Rankings: India stands 4th globally in Renewable Energy Installed Capacity (including Large Hydro), 4th in Wind Power capacity, and 4th in Solar Power capacity.

• Non-Fossil Fuel Growth: In the last 8.5 years, India's installed non-fossil fuel capacity has soared by 396% to more than 179.322 GW (as of July 2023), representing about 43% of the country's total capacity.

• Solar Energy Expansion: The installed solar energy capacity has grown by a remarkable 24.4 times in the last nine years, standing at 67.07 GW as of July 2023.

These achievements are not only indicative of India's dedication to clean energy but also reflect the nation's broader socio-economic development goals.

Future Trends and Pledges

India's future in renewable energy looks even more promising:

• COP26 Pledge: At the COP26, India set an ambitious target of 500 GW of non-fossil fuel-based energy by 2030, a key pledge under the Panchamrit. This is part of the world's largest expansion plan in renewable energy.

• Year-On-Year Growth: In 2022, India experienced the highest year-on-year growth in renewable energy additions at 9.83%.

• Foreign Direct Investment: The Indian government allows up to 100% FDI under the automatic route for renewable energy generation and distribution projects, subject to provisions of The Electricity Act 2003.

A Green Future Ahead India's achievements and future goals in renewable energy are a testament to the nation's resolve to reduce its carbon footprint and embrace a sustainable energy future. The government's proactive policies and international commitments are setting the stage for a green revolution. With a focus on technological innovation, favorable investment policies, and widespread public support, India's renewable energy sector is poised for continued growth. The rapid expansion in solar and wind power, the support for foreign investment, and the clear vision set by the government are all converging to make India a global green energy hub. Conclusion: Joining the Green Revolution India's renewable energy landscape is dynamic and filled with opportunities. As a global leader in renewable energy, the country is forging a path toward a cleaner and more sustainable future. For businesses and investors looking to be part of this exciting journey, the time to act is now. With favorable government policies, a strong commitment to growth, and a clear vision for the future, India's renewable energy sector offers unparalleled potential. Get in touch with us today to explore how you can be part of India's booming green revolution.

Together, we can contribute to a prosperous, responsible, and sustainable future.