Renewable energy investments in India to surge 83% in 2024
India plans to invest a lot more in clean energy, about 83% more by 2024, which is around $16.5 billion, according to estimates by the Ministry of Power. This is in line with the Indin government's ambitious goal of achieving 500 GW of renewable energy by 2030. India is steadfast in its commitment to reducing power generation capacity derived from fossil fuels to below 50%. The country has pledged to achieve a net-zero emission target by 2070.
India to add 25 GW of renewable energy in CY24
Union Minister of Power RK Singh has emphasized on many occasions that by 2030, up to 65% of power generation capacity in India will come from non-fossil fuels, surpassing the initial 50% target. In an interview with PTI, Singh said, "India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of Rs. 1,37,500 crore in CY24, which would be higher than 13.5 GW with an investment of Rs. 74,250 crore seen in 2023."
Green hydrogen initiatives gain momentum
India has increased its focus on green hydrogen. This January, the Union Cabinet approved the National Green Hydrogen Mission with an outlay of Rs. 19,744 crore. The mission aims to make India a global hub for green hydrogen production. The mission targets the development of five million metric tons per annum of green hydrogen production capacity by 2030. Three major ports—Deendayal, Paradip, and V O Chidambaranar (Tuticorin) Ports—have been identified for development as hydrogen hubs.
Bids for green hydrogen production
In July this year, Solar Energy Corporation of India called bids for 4,50,000 tons of green hydrogen production and 1.5 GW of electrolyzer manufacturing. A total of 21 firms bid for 3.4 GW of electrolyzer production and 14 for 5,53,730 tons of green hydrogen under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. Reliance, Adani, L&T, and BHEL were among the bidders. Singh told PTI that India currently has 7.8 million tons of green hydrogen capacity at different stages.
