India’s Renewable Energy Sector

Tags: Environment

India’s Renewable Energy Sector 

Why in news?

• The Ministry of New and Renewable Energy (MNRE) has released its latest data, highlighting substantial growth in India’s renewable energy sector from October 2023 to October 2024.
•  This progress underscores India’s commitment to achieving its clean energy targets in line with the ‘Panchamrit’ goals set by Prime Minister Shri Narendra Modi.

Important points:

• India's total renewable energy installed capacity increased by a staggering 24.2 GW (13.5%) in a year, reaching 203.18 GW in October 2024 from 178.98 GW in October 2023. 
• This significant rise aligns with India’s ambitious targets in the field of RE sector. Including nuclear energy, the total non-fossil fuel capacity rose to211.36 GW in 2024, compared to 186.46 GW in 2023.

Solar and Wind Power Surge:

Solar Power: 

• The solar sector saw a remarkable increase of 20.1 GW (27.9%), growing from 72.02 GW in October 2023 to 92.12 GW in October 2024. 
• The combined total solar capacity, including projects under implementation and tendered, now stands at 250.57 GW, a significant rise from 166.49 GW last year.

Wind Power:

• Wind energy also demonstrated steady growth, with installed capacity increasing by 7.8%, from 44.29 GW in October 2023 to 47.72 GW in 2024. 
• Total capacity in the pipeline for wind projects has now reached 72.35 GW.

Hydro and Nuclear Contributions:

• As of October 2024,large hydro projects contributed 46.93 GW to India’s renewable portfolio, while nuclear power capacity contributed 8.18 GW.

Significance:

• These contributions strengthen the diversity and resilience of India’s renewable energy mix, supporting the country’s comprehensive approach to green energy transition.
• This will help in achieving India's renewable energy target is to install 500 gigawatts (GW) of renewable energy capacity by 2030.