New Delhi: India is driving the global energy transition with remarkable speed, scale, and scope, said Union Minister for New and Renewable Energy Pralhad Joshi at the third India Energy Transition Conference, organised by FICCI in New Delhi.

He highlighted that under the leadership of Prime Minister Narendra Modi, India has not only set ambitious energy transition goals but is achieving them at an unprecedented pace. The country has already reached nearly 100 GW of solar capacity and plans to add 50 GW of new renewable capacity annually in the coming years. Over the past decade, India's installed renewable capacity has surged by almost 200%, from 75.52 GW in 2014 to 220 GW today. The tariff for grid-connected solar power plants has also dropped significantly by 80%, from ₹10.95 per unit in 2010-11 to just ₹2.15 per unit, positioning India as a leader in affordable renewable energy.

Joshi credited India's policy stability and long-term vision as key drivers of its renewable energy growth. The country is on track to achieve 500 GW of non-fossil fuel capacity by 2030, with an even more ambitious target of 1,800 GW by 2047. He also spoke about the PM SuryaGhar Yojana, which aims to install 1 crore solar panels, with 8.5 lakh installations already completed. The scheme has enabled beneficiaries to generate income through rooftop solar installations.

With India's energy demand expected to double by 2032, the minister emphasised the need for increased renewable energy financing to meet 50% of the anticipated rise in demand. The ministry is working to resolve challenges in the renewable energy sector by engaging with stakeholders and holding further consultations.

Joshi also noted India's growing global recognition in the renewable energy sector, stating that the country has overtaken Brazil to become the third-largest renewable energy market in the world.

Speaking on green hydrogen, he highlighted India’s rapid advancements in the sector, positioning it as a global leader. The SIGHT Programme, focusing on electrolyser manufacturing and green hydrogen production, is expected to drive further innovation and industrial growth.

He also pointed to the strong investor confidence in India's renewable energy sector, citing investment commitments worth ₹32.45 lakh crore made at the 4th RE-Invest event in Gandhinagar, along with pledges for 540 GW of solar and wind capacity.

BI Bureau