By TIOL News Service

NEW DELHI, DEC 18, 2024: HIGHLIGHTING India's remarkable growth in renewable energy, Union Minister for New and Renewable Energy, Pralhad Joshi said that India is not only witnessing an energy revolution but also becoming the renewable energy capital of the world. The Minister was addressing the 5th CII International Energy Conference and Exhibition (IECE) at New Delhi. Joshi said that India is one of the world's most promising nations in the clean energy space currently under the leadership of Prime Minister Narendra Modi.

"What India does in renewable energy, is not only keenly watched by the world, but also adopted by several countries." said the Minister. He highlighted the role of  International Solar Alliance as a formal setup for global collaboration under India's initiative with 120 countries as signatories.

Union Minister Pralhad Joshi said, "Between April and November of the current financial year, India added nearly 15 GW of renewable energy capacity, almost double the 7.54 GW added during the same period last year." He further highlighted that India's total installed capacity in the non-fossil fuel energy sector has reached 214 GW, marking an increase of over 14% compared to the same period last year. Additionally, he pointed out that 2.3 GW of new capacity was added in November 2024 alone, reflecting a four-fold increase from the 566 MW added in November 2023.

Union Minister Joshi reiterated Union Government's commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. Despite having one of the largest coal resources globally, India maintains one of the lowest per capita emissions, at one-third of the global average. The Minister highlighted that India is the only G20 nation to have ensured that the Sustainable Development Goals made at the Paris Climate Change Summit in 2015 were fulfilled even before the deadline. The Minister said that the ongoing transformation of India's energy sector is driven by a strong belief that achieving a Viksit Bharat by 2047 is intrinsically linked to sustainable and green growth.

The Minister also outlined several key steps taken by the Union Government to boost the growth of RE sector in India such as the introduction of the Production-Linked Incentive (PLI) scheme, with an outlay of Rs 24,000 crore, aimed at boosting domestic manufacturing of solar panels and modules. The Minister also mentioned the ongoing initiative to establish 50 solar parks, with a cumulative capacity of 38 GW by 2025-26.

Additionally, provisions have been made for the declaration of a trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30. Joshi also said that PM Surya Ghar Muft Bijli Yojana is targeting 1 crore installations by 2026-27, with an outlay of Rs 75,021 crore.  

Union Minister Joshi also said that Ministry of New and Renewable Energy (MNRE) has organised REInvest in September 2024 and Chintan Shivir in November 2024 to boost the RE sector. Minister Joshi also said that a meeting is being planned in Mumbai in January with representatives of banks, industry and state government officials to find solutions to existing bottlenecks in the RE sector.  He invited global leaders and industry stakeholders to partner with India in its journey toward a green and sustainable future.

Union Minister Pralhad Joshi also launched the CII-EY Energy Transition Investment Monitor Report at the event. The conference, themed "Global Dialogue on Energy Transformation" was attended by a distinguished gathering of industry leaders, policymakers, and experts.