Riding the Green Wave: India's Renewable Energy Surge
India’s drive to obtain a sustainable future is gaining momentum, especially in the renewable energy sector. The country, ranked as the 3rd largest energy consumer globally, has made substantial strides in renewable energy installations, positioning it as a key player in combating climate change. Ambitious targets, investments, and untapped potential in the southern region are also driving the transition to a sustainable future.
Standing 4th globally in Renewable Energy Installed Capacity, 4th in Wind Power capacity, and 5th in Solar Power capacity, as per International Renewable Energy Agency, India has set a target of 500 gigawatt (GW) of non-fossil fuel-based energy by 2030. This endeavor is deemed to be one of the world’s largest expansions in renewable energy.
Setting a Global Example
The country’s non-fossil fuel capacity, including large hydro and nuclear, surged by 396 percent in the past 8.5 years, reaching over 199.85 GW, constituting 45.1 percent of the total capacity as of April, 2024.
The country’s commitment to renewable energy is reinforced by its policy framework, which allows up to 100 percent foreign direct investment (FDI) under the automatic route for renewable energy projects. This framework aligns with the country’s national and international obligations to combat climate change, striking a balance between energy security and carbon emissions reduction.
Powering Change Through Investments
Renewable energy investments have the ability to influence environmental stability and generate economic growth and technological advancements. Investments in renewable energy are important as this sector is a significant contributor to job creation, strengthening energy security by reducing reliance on imported fossil fuels, and manifesting an endless cycle of innovation.
As per National Institute of Solar Energy (NISE), India’s installed solar energy capacity has increased by 30X in the last 9 years, reaching 82.63 GW as of April 2024, with an estimated potential of 748 gigawatts peak (GWp), and the overall installed renewable energy capacity has grown by around 128 percent since 2014. This draws attention to the impeccable economic growth brought by investments in the renewable energy sector.
Ambitions Meet Actions
The year 2024 has been filled with several initiatives to achieve sustainable energy solutions. One such initiative in renewable energy expansion and manufacturing was the Adani Group’s investment of INR 2.3 lakh crore by 2030.
Adani Green Energy Ltd (AGEL) plans to elevate its solar and wind power capacity at Khavda, Gujarat, to 30 GW from the current 2 GW, alongside substantial investments in solar cell and wind turbine manufacturing. The company's vision of 45 GW renewable energy capacity by 2030, with Khavda as a focal point, signifies a pioneering leap towards sustainable energy solutions.
Additionally, RenewSys Pvt Ltd is also planning to establish multiple PV modules and cell manufacturing units in Telangana, investing approximately INR 6,000 crore in phases. It also includes new solar lines for solar PV modules and cells, totaling 1 GW capacity each, with further investments in an aluminum plant by the fiscal year 2029 (FY29).
South India’s Untapped Potential
As India grows on the renewable sector’s map, all eyes focus on the developments in the southern region. Southern states like Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, and Telangana possess a collective total of 1,526 GW of solar energy and 1,124 GW of wind energy.
Ajay Mishra, Telangana State Advisor, Energy Committee, Federation of Telangana Chamber of Commerce and Industry (FTCCI), notes Telangana’s substantial growth in non-fossil fuel energy capacity. The state has seen a significant increase of 15 GW in renewable energy and an 11-12 percent rise in coal production.
With that in mind, collaborative efforts are crucial in harnessing this potential, therefore, drawing emphasis on necessary investments in transmission infrastructure and rooftop solar installations.
RenewX 2024, a significant energy expo in Telangana, showcased cutting-edge technologies and advancements that promoted renewable energy adoption and fostered collaboration. This future-forward event highlighted South India’s innovative spirit, particularly Telangana's role in the country’s renewable energy transition.