INTRODUCTION

• India is on the path to becoming a clean energy superpower, as evidenced by recent advancements in renewable energy initiatives.
• Prime Minister Modi’s ambitious plan to connect 500 gigawatts (GW) of clean energy by 2030 is now attainable.

PROGRESS AND ACHIEVEMENTS

Past Challenges

• Previous goals, such as the 175 GW target for 2022, fell 40% short.
• Factors like tariffs on solar panels, support for fossil fuels, and inconsistent renewable power auction rules contributed to setbacks.
• Wind and solar installations decreased by 19% in 2023, while coal usage rose by 8.8%.

Recent Developments

• In 2024, the landscape is changing, with 18.8 GW of new renewable energy generators connected in just eight months.
• Projections indicate a total of 34 GW for the entire year and an increase to 62 GW by 2030.
• Growth rates are expected to surpass those of China, making India a leader in renewable energy installations.

FUTURE OUTLOOK

Current Initiatives

• Tenders for renewable projects indicate 70 GW of announcements and 33 GW of awards in the first half of the year.
• Total renewable energy projects in progress are estimated at 430 GW, with significant portions already operational or under construction.

Manufacturing Capacity

• The establishment of solar module manufacturing facilities is underway, with a projected capacity of 172 GW by 2026.
• This capacity will satisfy projected domestic needs well into the 2040s, supporting India’s clean energy goals.

Economic Factors

• A potential easing of the Reserve Bank of India’s monetary policy may reduce finance costs, further facilitating renewable development.

Environmental Implications

• India, as the most populous and fastest-growing major economy, has the potential to impact global carbon emissions significantly.
• However, India’s historical contribution to global emissions is minimal, arguing for leniency from developed nations.

Immediate Concerns

• Rising temperatures and water shortages due to climate change pose serious risks to vulnerable communities in India.
• There is an urgent need for tangible actions to reduce emissions and address these challenges.

CONCLUSION

• Estimates suggest that India could achieve 506 GW of clean energy by 2030, leading to a decline in carbon emissions by 2026.
• Successful implementation of Modi’s 500 GW target could contribute to global efforts to mitigate climate change.
• If India successfully transitions to a clean energy economy, it could redefine the relationship between economic growth and environmental sustainability, offering a model for other emerging economies.