The clean energy revolution is key to India’s sustainable growth

India’s commitment to renewable energy is closely aligned with its national goals and international commitments to combat climate change. Despite the dominant role of coal, which accounts for 47.4% of India’s total installed energy capacity, renewable sources, particularly solar and wind energy, together make a significant contribution of 89.12%. This transition to cleaner energy sources is of paramount importance for India as it strikes a balance between energy security and the reduction of greenhouse gas emissions.

The positive effects of India’s investment in renewable energy go beyond environmental dividends. The sector holds promise for job creation, strengthening energy security by reducing dependence on imported fossil fuels and boosting technological innovation. Moreover, decentralized renewable energy projects are not just about energy; empower local communities and support inclusive development. Looking ahead, India’s solar and renewable energy trajectory shows sustained growth, driven by technological advances, supportive policies and growing environmental awareness. The government’s ambitious renewable energy targets reflect its unwavering commitment to a sustainable future.

As of May 2024, India is leading the global renewable energy revolution, with solar power accounting for a significant 18.9% of total installed capacity. Total installed solar capacity increased by a remarkable 24.26% compared to May 2023, reaching a staggering 84.27 GW. Moreover, all renewable energy accounts for 33 percent of the total installed capacity of 146.65 GW. This journey not only underscores India’s collective commitment to shape a cleaner, greener and more sustainable energy future, but also reinforces its role as a key player in the global deployment of renewable energy. Solar installed capacity is reaching a milestone of 100 GW and is expected to increase by over 16 GW by calendar year 2024, potentially positioning India as a global leader in solar capacity.

Additionally, the impact of the Approved List of Models and Manufacturers (ALMM) for solar modules and cells, effective from April 1, 2024, has significant implications for Indian solar installations. ALMM is not just a regulation; this assurance. It aims to streamline the purchasing process by expanding the list of approved manufacturers and models, ensuring higher quality and reliability of photovoltaic modules. This initiative is expected to further accelerate the construction of solar PV installations in India, bringing the country closer to its renewable energy goals and contributing to a cleaner environment for future generations.

India’s renewable energy sector is a cornerstone of the strategy to mitigate climate change while ensuring energy security and economic growth. As coal continues to dominate and accounts for 47.4% of installed capacity, the country’s shift towards renewable sources is noticeable. The combined share of solar, wind and other renewable energy sources in India’s energy mix is ​​significant, underscoring concerted efforts to diversify energy sources. The transformation takes into account environmental issues and increases energy security by reducing India’s dependence on fossil fuel imports.

In India, the renewable energy sector is a catalyst for job creation, technological progress and economic inclusion. The spread of decentralized renewable energy projects, especially in rural areas, supports the empowerment and development of local communities. This inclusive growth model is important to ensure that the benefits of renewable energy accrue to all sections of society, contributing to the country’s overall development.

Significant growth, technological progress and a solid policy framework are leading India’s journey towards renewable energy.

The country’s investments in this sector not only solve environmental problems, but also drive economic growth and energy security. As India progresses towards its renewable energy targets, it is consolidating its role as a significant player in the international fight against climate change and efforts to promote sustainable development.