India Targets 1,800 GW Renewable Energy Capacity by 2047, 500 GW by 2030: Pralhad Joshi

Ambitious renewable energy targets for India: 500 GW by 2030, 1,800 GW by 2047
India is ready to take a mammoth capacity jump in its renewable energy potential-the medium-term goal of 500 GW by 2030 and the long-term one-a behemoth 1,800 GW by 2047. That would incidentally coincide with a hundred years of India's independence. The vision was spelt out by Union Minister for New and Renewable Energy, Pralhad Joshi, while inaugurating the India Energy Transition Summit.

Medium and long-term objectives for renewable energy

The government has already set the stage for 500 GW of renewable energy capacity by 2030, but, according to Joshi, it now focuses on a much longer-term vision to be achieved in 2047. He highlighted that though 2030 is an important short-term goal, the government's long-term aspiration is to attain 1,800 GW of installed renewable energy capacity by the year 2047, coinciding with India's 100th year of independence.

Renewable energy had emerged today in the Indian energy market also. Its installed capacity at the end of March 2014 had been 75.52 GW; today it is over 220 GW. It has further focused on upgrading solar and wind energy, upholding the renewal energy targets scheduled to be carried out in phases as early as possible.

Further Expansion of the Solar Energy Market

India already has some 100 GW in solar energy capacity. The central government has aspired to add, conservatively about 50 GW of new solar capacity every year. The current installation rate depicts the intent and drive of the country in further addition towards its renewable energy mix. At this speed, India would have crossed quite likely the 500 GW of renewable energy target well before 2030.

Rooftop Solar Program: Under the PM SuryaGhar Yojana, India has targeted to install one crore (10 million) solar rooftops. The program did not take off very fast at the beginning but thereafter picked up very fast and has already managed to reach 8.5 lakh rooftop installations. Banks have now started funding this installation that will push the growth forward in the near future.

Grant and Funding to Renewable Energy

India will splurge humongous amounts of money to achieve its renewable energy target of 2030. Secretary of Financial Services M Nagaraju says public sector banks will make sure the amount of Rs 10 lakh crore that will be required for 500 GW. However, this amount of money will be way more than required for financial institutions outside public sector banks. About Rs 23 lakh crore, to be specific. This investment would go into a 2030 renewable energy target, around Rs 33 lakh crore.
The government had been trying and attempting to seal all these money deals so that it could provide its due support and finances to this renewable energy industry. Today large numbers of investment firms are appearing more enthusiastic for investments in this renewable energy due to its emerging stability and rigorous targets of setting for the entire country for renewable energy sector in its economy.

Revolutionary Change in Renewable Energy

It really has opened up one's eyes in the last decade to see changes happening in the renewable energy space of India. Renewable capacity additions have been enormous and placed this country at a position that's at the helm of the list of renewable energy leaders. That is so simply because there was an emphasis on solar, while wind energy came with some really supporting policies and initiatives.

As an aftermath, renewable energy shift also tallies with the very commitment that India has made towards reduction of carbon emission and fight against the menace of global warming. In the long run, one of the visions about India is the capacity for exponential increase in non-fossil energy, which will trigger global efforts in curtailing greenhouse gases and hasten the transition into a sustainable future of energy supply.

Conclusion

The 2030 and 2047 renewables targets set for India by way of energy revolution is a mighty step forward from the global standpoint. With this type of such road map growth, the growth story on the renewable energy infrastructure for India has well remained in tact with due importance given towards much increased financial support, which in turn is the only kind that can promote further sustainability at this growth momentum. This will also support the country with a lower footprint in terms of carbon emissions while also acting as a precursor model for the remaining countries participating in the struggle towards combating climate change as the nation increases its renewables.

Sources: India Energy Transition Summit