In 2024, India recorded a substantial increase in renewable energy capacity, with 28.64 GW added during the year. This represents an impressive 119.46% rise compared to the 13.05 GW added in 2023. The total installed capacity jumped from 180.80 GW in December 2023 to 209.44 GW by the end of 2024.

The solar and wind energy sectors have been the driving forces behind this significant growth. Solar power alone accounted for the lion’s share, contributing 24.54 GW to the overall capacity. This boosted its cumulative installed capacity from 73.32 GW in 2023 to 97.86 GW in 2024, marking a 33.47% increase.

Wind energy also saw substantial progress, with an additional 3.42 GW added in 2024. This brought its total capacity to 48.16 GW, reflecting a 7.64% rise from the previous year.

Other renewable energy sources have also played a role in this expansion. Bioenergy’s installed capacity increased by 4.70%, rising from 10.84 GW in December 2023 to 11.35 GW in 2024. Small hydro power projects saw a modest growth, with capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024, reflecting a 2.20% rise.

Union Minister of New and Renewable Energy, Pralhad Joshi, reiterated the government’s commitment to achieving Prime Minister Modi’s ambitious target of 500 GW of renewable energy by 2030. These figures underline India’s ongoing efforts to meet its climate goals, while enhancing energy security and contributing to the global shift towards sustainable energy solutions.

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In his address, Goyal emphasized that while Product Linked Incentives (PLIs) and subsidies can play a crucial role in initiating the sector, they are not sustainable in the long term for the clean energy industry. He stressed that the clean energy sector must evolve to become self-sustaining and independent of government support.

“The PLI scheme can only help kickstart the sector, but the clean energy sector must strive to become self-sustaining,” Goyal remarked, adding that the cleantech sector should aim for independence from government backing.

He called on the participants at the forum to innovate and scale up manufacturing in India. According to Goyal, the Bharat Cleantech Manufacturing Platform will offer Indian firms an opportunity to collaborate, co-innovate, and access financing. The platform will also allow for sharing ideas, technologies, and resources, positioning India as a prominent global leader in sustainability and the cleantech sector.

Additionally, Goyal expressed confidence that the ambitious clean energy target set by Prime Minister Narendra Modi – 500 Gigawatts of clean energy by 2030 – could be met. He highlighted India’s impressive progress in the energy sector, noting that the country has already exceeded expectations by achieving its renewable energy target in 2022, eight years ahead of schedule. With the installation of 200 Gigawatts of clean energy, India is now well on track to meet the 500 Gigawatt goal.

India’s success in this area, Goyal explained, is a result of its well-connected national grid, which is the largest of its kind in the world. He also credited Gujarat for being a pioneer in adopting solar power, recognizing the state’s role in the broader national effort to scale up renewable energy sources.

The affordability of solar power in India, Goyal stated, can largely be attributed to the transparency fostered by Prime Minister Modi’s leadership. Through honest auctions and fostering fair competition, the cost of solar energy has decreased significantly.

In conclusion, Goyal reiterated that the Government’s renewable energy program is centered around the principles of 3S: speed, scale, and skill, which have driven the success of the country’s clean energy initiatives.

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