India's 500GW renewables goal to be fulfilled before 2030 deadline
The Union Minister of Power and New & Renewable Energy, R K Singh, has announced that India is set to achieve its ambitious 500GW renewable energy target ahead of the 2030 deadline. Speaking at FICCI's India Energy Transition Summit 2023, Singh highlighted the country's rapid progress in renewable energy capacity addition, claiming it to be the fastest in the world.
Rapid progress in non-fossil fuel capacity
India currently has a power generation capacity of 424GW, with around 180GW coming from non-fossil fuels. An additional 88GW is in the pipeline. Singh said, "India's energy transition program is at the top in the world." He also mentioned that if not for the COVID-19 pandemic, India would have achieved 50% of its power generation capacity from renewable energy non-fossil fuels by now.
Accelerating renewable energy additions
The New and Renewable Energy Secretary, Bhupinder Singh Bhalla shared plans for accelerating renewable energy capacity addition at the summit. He revealed that the country added 15GW of renewable energy in the last financial year (2022-23), which will be raised to 25GW in 2023-24, and to 40GW in 2024-25. Bhalla also announced that 50GW of renewable energy projects would be for bidding annually from this year onward.
