India Powers Up: Aiming for 500 GW Renewable Energy by 2030

A New Dawn in Renewable EnergyIndia stands at a new milestone in renewable energy, with an installed capacity of 190.57 gigawatts (GW) as of March 31, 2024, thus constituting about 43.12% of the total installed power generation capacity of the country. With this, the country is now definitely walking on the right path and moving forward to achieve the transition to green energy. Increase in Power Transmission ExchangeThe survey also underlines the significant progress made in India's power transmission infrastructure. The country is now capable of transmitting 118,740 MW through its sprawling network of 485,544 CKM with a transformation capacity of 1,251,080 MVA. This, in turn, will be crucial to fuel growth in electricity demand—a growing concern—rising 13% to 243 GW in FY24. Sustainable Development GoalsIndia's advances in renewable energy are in tandem with its international commitment to the United Nations Framework Convention on Climate Change. I would like to reiterate once again that the Government of India is committed to ensuring that our installed capacity for electric power will be around 50% from non-fossil fuel sources by 2030. To this end, the Ministry of New and Renewable Energy is making full efforts to achieve 500 GW of installed electricity capacity from non-fossil sources by the end of this decade. Strong investment in the sectorThe renewable energy sector has gained significantly in terms of investment, with a $125 billion investment, that is to say, ?8.5 lakh crore, between the years 2014 and 2023. Going forward, in the coming period, the sector is pegged to mobilize about ?30.5 ver lakh crore from 2024 till 2030. These investments will derive huge gains in economy-wide employment in the renewable energy value chain and support sector growth and innovation.According to the National Electricity Plan released by the Central Electricity Authority, the non-fossil fuel capacity will increase further from the present level of about 203.4 GW, which is around 46% of the total capacity, to around 349 GW, which is 57.3% of the total, by the years 2026–27 and to 500.6 GW, around 64.4% of the total capacity, by 2029–30. Economic and environmental implicationsThe rapid emergence of renewable energy capacity will have various economic and ecological impacts. Some of the impacts that are likely to be felt are job creation, economic stimulus, and infrastructure development from the increased flow of investments. Environmentally, people see a change in India's carbon footprint through a change in energy sources, which will offer part of the solution to the globe in its efforts against the menace of climate change. Opportunities and challengesNo one can fail to applaud the commendable strides taken in the field of renewable energy. Several odds still militate against its importance, however. The key question becomes whether an electricity grid can remain stable and be reliable with a high share of intermittent renewable sources. In addition, the financial health of the power sector, particularly that of the distribution companies, will have to be put right if the growth momentum built through the period is to be sustained. But these are not the challenges alone; they are also opportunities. Indeed, energy storage and smart grid technologies, coupled with associated policy reforms, ensure a more resilient and efficient power sector at the end of the day. A focus on renewable sources of energy is an opportunity for the stakeholders—international, the government, and the private sector—to come together and synergize.This will be proof of colossally successful solar-powered lighting in India's journey towards its forward goals. Engagements in the Economic Survey 2023–24 enunciate the commitment of such a nation with high dividends and good policy support structured to ensure growth in the sector. The backdrop of the renewable sector will be one of many faces of a sustainable and prosperous India as it moves towards 2030. As the nation edges toward becoming a global leader in renewable energy, India slowly advances with capacity building, infrastructure improvement, and the promotion of innovations. The coming years are, therefore, of imperative importance to build on the current momentum and face the challenges and massive opportunities to create a resilient and sustainable energy ecosystem.