INDIAN RENEWABLE ENERGY INDUSTRY AT A GLANCE IN 2022 - 2023 Globally, India ranks fourth in renewable energy capacity and wind power and fifth in solar power capacity.
India has surpassed its renewable energy target of 175GW by 2022 and is expected to reach 174GW by 2023, according to a report by the International Energy Agency. The country's renewable energy capacity is projected to grow to 280 GW by 2025, accounting for 37% of the total energy supply
India had a fully renewable energy capacity of 168.9 GW, including 67.82 GW of solar power and 43.20 of wind power as of May 2023.
The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Non-conventional energy sector received FDI inflow of US$ 14.12 billion between April 2000-March 2023.
India intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030
The Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 15.92% between FY16-22. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double.
The country is targeting about 450 Gigawatt (GW) of installed renewable energy capacity by 2030 – about 280 GW (over 60%) is expected from solar.
With a potential capacity of 363 GW and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.
According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in the Indian non-conventional energy sector stood at US$ 12.57 billion between April 2000-June 2022. More than Rs. 5.2 lakh crore (US$ 70 billion) has been invested in India’s renewable energy sector since 2014.
The following is the installed capacity for Renewable Energy in India in 2022-2023:
• Wind power: 42.8 GW
• Solar Power: 67.07 GW
• Biomass/Co-generation: 10.2 GW
• Small Hydro Power: 4.94 GW
• Waste To Energy: 0.55 GW
• Large Hydro: 46.85 GW
India aims to produce five million tonnes of green hydrogen by 2030. This will be supported by 125 GW of renewable energy capacity.
57 solar parks with an aggregate capacity of 39.28 GW have been approved in India.
Wind Energy has an off-shore target of 30 GW by 2030.
To reach its 500 GW goal by 2030, India would have to continuously add at least 25 GW of renewable energy capacity every year for eight years. India currently has about 173 GW of clean energy capacity based on non-fossil fuels, including 62 GW of solar, 42 GW of wind, 10 GW of biomass, 5 GW of small hydro, 47 GW of large hydro, and 7 GW of nuclear power.
