Thought leadership

Achieving 500 GW of renewable energy capacity by 2030

18 Feb 20241 min read
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Contents

India’s ambition to achieve 500 GW of renewable energy capacity by 2030 reflects a bold commitment to sustainable development and climate action. The nation has made significant strides in the renewable energy sector, leveraging its vast natural resources and implementing supportive policies and initiatives. India’s preparedness to attain this ambitious target is evident through various measures. The government’s focus on promotional schemes, renewable energy auctions, incentives for developers and the establishment of dedicated institutions, such as the International Solar Alliance, demonstrates a proactive approach to fostering renewable energy deployment. 

In addition, India’s renewable energy sector has witnessed substantial investments, both domestic and foreign, indicating confidence in the country’s renewable energy market. Collaborations with international partners for technology transfer and capacity building further enhance India’s readiness to accelerate renewable energy deployment.

Key notable insights are as follows:

  • India will need to substantially ramp up the addition of renewable capacity, aiming for an average annual increase of around 50+ GW of non-fossil fuel energy capacity in this decade to achieve the targets.
  • While India is making important progress in implementing its climate agenda at the sectoral level, emissions remain on a strong upward trend. 
  • Challenges remain across sectors on the path towards decarbonisation. In the realm of the power sector, the prevailing market framework and the unstable financial state of DISCOMS pose significant obstacles to augmenting the proportion of renewables in the electricity mix.

The path ahead demands agility, innovation and unwavering commitment to build a sustainable future powered by renewable energy. While challenges remain, India’s journey towards 500 GW presents an unparalleled opportunity. By addressing the gaps, leveraging its strengths and adopting a collaborative approach, India can not only achieve its ambitious target but also position itself as a global leader in the clean energy transition.

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