India is gradually turning into one of the most exciting spots for renewable energy markets due to improvements in economic position, awareness, and government backing.
Deploying further renewable energy in India is crucial for promoting energy security, economic growth, and reducing climate change. The only way to build that sustainability is to use clean energy and ensure access to reliable, affordable energy for every citizen.
India is in the fourth position for the biggest renewable energy capacitors across the globe. India was able to install 17% additional RE capacity in the first eight months compared to the previous year. In Twenty Twenty One (2021), the renewable capacity was 9.5 GW, increasing to 11.1 GW in August Twenty Twenty Two (2022).
Being one of the top renewable energy countries, India has the world’s most extensive expansion plan- the target of expanding to 450-500 GW by the end of 2030.
Implementation and Development of Renewable Energy
To meet the set target for 2030, India will need to consume renewable energy 2.5 times faster. The possible action plan to make the target possible is Building 334 GW within the coming 91 months, requiring an additional 3.7 GW monthly. This is a 2.5 times greater installation rate than the 1.4 GW installation until August 2022.
How is India planning to achieve its targets?
- One of the most significant initiatives that can help accomplish the renewable energy target for India is the development of solar parks and ultra mega solar power projects. This project involves building 25 solar parks and other solar power projects by the end of Twenty Thirty (2023).
- Also, including the Central government ministry in renewable energy enhancement is a powerful motivation. The ministry has claimed India will set up 90 GW of solar equipment by the end of Twenty Thirty (2030). Considering India already has a solar installation capacity of 20 GW, with 15-20 GW still under construction, this figure seems achievable.
- The government recently granted an amount of 19500 crores for solar PV modules (production-linked incentive scheme).
- In February 2020, India set a target to be the global hub for green hydrogen production and export.
The country plans to reduce green hydrogen costs from $5 per kg to $1 per kg so that many people can afford it.
Role of renewable energy in India’s future plans
As renewable energy electricity is always more expensive than fossil fuels, India will need to emerge aggressively as a renewable energy and storage powerhouse to reach its 65% non-fossil fuel power generation target by 2030.
This renewable energy march will surely be fruitful for other passive targets, such as net zero carbon, by the end of Twenty Seventy( 2070).
India also promised to cut down 33 to 35% emissions by the end of 2030 as a part of climate action.
Many such initiatives that are part of the climate change program will immensely benefit from an increase in renewable energy installation in India.
The most crucial challenge in India’s renewable energy market is the poor financial condition of DISCOMS (Power distribution companies), owned by the state government.
They usually go through unsustainable payment cycles, which is highly inconvenient. Another challenge is the upfront expense of installation and capital costs.
Corporations need to go for a firm that promises to make a smooth installation at an affordable price, such as AMP Energy India. As one of India’s top Renewable energy companies, AMP has accommodated 2+ GW installations, making it easy for India to reach its eco-friendly targets.
They believe in making the world better with every installation they make. So take a leap and reach out to them if you want to contribute to making the world greener.
Hope the above article helped you to better know about the status of Renewable Energy in India, happy reading