Context:
According to a recent report by the Ministry of New and Renewable Energy (MNRE), India’s renewable energy installed capacity increased by 15.84 per cent to 209.44 GW by December 2024 from 180.80 GW a year ago, marking a record expansion.
More on the news:
- This significant growth reflects India’s commitment to achieving its clean energy targets and its broader vision under the ‘Panchamrit’ goals announced by the PM at UNFCCC COP 26.
- Ministry of New and Renewable Energy has been taking various key initiatives to achieve the Prime Minister’s vision of 500 GW of renewable energy by 2030 in the country.
Key Highlights of the Report:
• The total renewable energy capacity added in 2024 has more than doubled, rising to 28.64 GW from 13.05 GW in the previous year.
• In 2024, solar power has led this growth with an addition of 24.54 GW, registering a 33.47 per cent year-on-year rise in its cumulative installed capacity to 97.86 GW in 2024.
- India’s solar energy capacity has increased 32-fold in the last ten years.
• Wind power addition was 3.42 GW in 2024, taking the total wind capacity to 48.16 GW, a growth of 7.64 per cent from 2023.
• Bioenergy installed capacity rose from 10.84 GW in December 2023 to 11.35 GW in December last year.
• Small hydropower projects saw incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024.
• India stands fourth globally in installed renewable energy capacity (including large hydro), 4th in Wind Power capacity and 4th in solar power capacity as of 2022.
Government Initiatives:
• National Green Hydrogen Mission: On Independence Day 2021, announced this mission and, the goal is to make India the global hub of Green Hydrogen production and export.
- MNRE is implementing it with the aim of reaching a production capacity of 5 million tonnes of Green Hydrogen per year in the country by 2030.
• AatmaNirbhar Bharat: PLI scheme in Solar PV manufacturing with financial outlays of INR 24,000 Cr introduced under AatmaNirbhar Bharat. Imposition of Basic Customs Duty of 25% on Solar Cell & 40% on Solar PV Modules w.e.f. 01.04.2022.
• Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahaabhiyan (PM-KUSUM): Launched in 2019 by MNRE to provide subsidies to farmers to install solar irrigation pumps, grid-connected power plants and increase farmers’ income.
• Foreign Direct Investment (FDI) in the renewable energy sector is permitted up to 100% under the automatic route.
Global Initiatives taken by India:
• India was the first G-20 country to meet its Paris commitments, India has set an ambitious target to produce 500 GW of renewable energy by 2030, of which 200 GW has been achieved.
• India has taken several global initiatives such as the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, One Sun One World One Grid, and Global Biofuel Alliance to foster a sustainable planet.
- International Solar Alliance (ISA): ISA is a global initiative launched in 2015 by India and France at the COP21 summit in Paris to promote solar energy as a sustainable solution for energy access and climate change (Headquartered in India).