Team Blitz India
NEW DELHI: India is at the forefront of the global shift towards sustainable energy, marked by a remarkable rise in solar and wind power capacities. The country, currently fourth globally in solar power capacity, has boosted its solar installed capacity from 21,651 MW to 70,096 MW in 2023.
The surge is part of the Government’s ambitious target to achieve 500 GW of renewable energy capacity by 2030. The Production Linked Incentive (PLI) Scheme, focusing on high-efficiency solar PV modules, has been pivotal in this growth. It has added 8737 MW capacity and allocated 39,600 MW of domestic solar PV module manufacturing capacity to various companies.
Solar Park Scheme
Complementing this is the Solar Park Scheme, aiming to establish 50 parks with a cumulative capacity of 38 GW by 2025-26, making solar energy more affordable and accessible. Additionally, the PM-KUSUM Scheme targets the agricultural sector, aiming to add 30.8 GW of solar power capacity by March 2026, by replacing diesel pumps with solar water pumps.
A key component of India’s renewable energy strategy is battery storage technology. The Government is offering $452 million in incentives for battery storage projects, crucial for harnessing energy from renewables like solar and wind.
Government initiatives like Rooftop Solar and Off-grid Solar PV programmes are making solar energy more accessible in residential and rural areas. The International Solar Alliance, launched in 2015, is a testament to India’s commitment to global energy transition, aiming to create 450 GW of renewable energy by 2030.
Clean energy targets
India’s vision for 2030 includes meeting 50 pc of its energy needs from renewables, reducing carbon emissions, and becoming a net-zero carbon country by 2070.
Investments worth $350-400 Bn annually are required to meet these clean energy targets, offering significant opportunities for global investors. The future of India’s solar sector includes innovations like solar paint and space-based solar panels. Research is focused on more efficient solar cells, marking a significant leap in performance and sustainability.
The renewable energy sector has attracted over $14,858 Mn in FDI between April 2000 and June 2023. In the Union Budget 2023-24, Rs 7,327 crore was allocated for the solar power sector, marking a significant increase over the previous year.
India’s journey towards renewable energy is not only a stride towards environmental conservation but also a significant economic driver, paving the way for a greener, more sustainable future.
