NEW DELHI: India is poised to accomplish its ambitious target of 500 GW in renewable energy capacity well ahead of the 2030 deadline, according to Union Power and New & Renewable Energy Minister, R K Singh. Speaking at the 2023 India Energy Transition Summit organized by FICCI, Singh emphasized India's steadfast commitment to sustainable energy development.

Acknowledging the setbacks caused by the COVID-19 pandemic, Singh reflected on the lost time, asserting that without these interruptions, India would already have achieved a remarkable milestone: half of its power generation capacity would be derived from non-fossil fuel sources today.

India currently boasts a total power generation capacity of 424 GW, with approximately 180 GW stemming from non-fossil fuel sources. Additionally, another 88 GW of capacity is currently under development, a testament to the country's unwavering dedication to renewable energy initiatives. The ultimate objective is to reach 500 GW of renewable energy capacity by 2030, a goal that R K Singh confidently declared will be realized ahead of schedule. "We will achieve the 500 GW mark in renewable energy well before 2030," he affirmed.

Furthermore, Singh highlighted India's leading position on the global stage when it comes to energy transition programs. The rate of renewable energy capacity expansion in India is unmatched worldwide, demonstrating the nation's commitment to addressing climate change and reducing its carbon footprint.

Bhupinder Singh Bhalla, the Secretary of New and Renewable Energy, added to the optimism surrounding India's renewable energy future. He disclosed that India successfully added 15 GW of renewable energy capacity in the previous fiscal year (2022-23), and this figure is set to escalate to 25 GW in 2023-24, with even more ambitious targets on the horizon. In 2024-25, the nation aims to add a staggering 40 GW of renewable energy capacity.

Bhalla also unveiled plans for an annual bidding process for 50 GW of renewable energy projects, commencing this year. This move signifies India's proactive approach to fostering investment and innovation in the renewable energy sector, further solidifying its commitment to a sustainable and greener future.

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