India To Add Renewable Energy Capacity By 35-40 GW Each Year

According to a research, India is expected to increase its renewable energy capacity by 35 to 40 gigawatts annually through 2029–2030.

In accordance with the Institute for Energy Economics as well as Financial Analysis (IEEFA) and Climate Energy Finance, this will help the nation get back on track to meet its 2030 goal of obtaining 50% of its energy from non-fossil fuels (CEF). According to Vibhuti Garg, Director, South Asia, IEEFA, India has been one of the global leaders in embracing renewable energy as part of its energy revolution.

The government’s clean energy capacity addition objectives, as well as undertakings by various companies, remain ambitious, the government stated. Recent difficulties faced by the renewable energy sector and rapidly increasing power demand have compelled the government to re-look at thermal power as a temporary fix.

The report also stated that the current use of thermal energy is only a short-term blip, and that thermal power will eventually see a decline in market share. She added that the Indian government was unyielding in its commitment to ensure that the renewable energy goals Most of the industry players are backed by investors with a lot of money, like the Indian government, regional companies, and some of the biggest investors in the world. This gives them the power they need to reach their goals of adding capacity. achieved through encouraging growth in the sector as a whole.

The majority of industry players are backed by financially powerful investors, including the Indian government, regional companies, and some of the largest global investors, giving them the firepower they need to meet their capacity addition ambitions.