15 GW of RE Capacity Added in First 8 Months in FY 2024-25: MNRE Minister Pralhad Joshi
India added nearly 15 GW of renewable energy capacity in the first eight months of FY2024-25, nearly double last year’s addition, bringing the total non-fossil fuel capacity to 214 GW, said MNRE Minister Pralhad Joshi at the 5th CII International Energy Conference in New Delhi.
December 17, 2024. By Mrinmoy Dey
He further highlighted that India’s total installed capacity in the non-fossil fuel energy sector has reached 214 GW, marking an increase of over 14 percent compared to the same period last year. Additionally, he pointed out that 2.3 GW of new capacity was added in November 2024 alone, reflecting a four-fold increase from the 566 MW added in November 2023.
“India is not only witnessing an energy revolution but also becoming the renewable energy capital of the world,” he said.
He reiterated the government’s commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. Despite having one of the largest coal resources globally, India maintains one of the lowest per capita emissions, at one-third of the global average.
The Minister highlighted that India is the only G20 nation to have ensured that the Sustainable Development Goals made at the Paris Climate Change Summit in 2015 were fulfilled even before the deadline.
The Minister said that the ongoing transformation of India’s energy sector is driven by a strong belief that achieving a ‘Viksit Bharat’ by 2047 is intrinsically linked to sustainable and green growth.
Joshi outlined several key steps taken by the government to boost the growth of RE sector in India such as the introduction of the Production-Linked Incentive (PLI) scheme, with an outlay of INR 24,000 crore, aimed at boosting domestic manufacturing of solar panels and modules.
The Minister also mentioned the ongoing initiative to establish 50 solar parks, with a cumulative capacity of 38 GW by 2025-26.
Additionally, provisions have been made for the declaration of a trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30.
Joshi also said that MNRE has organised REInvest in September 2024 and Chintan Shivir in November 2024 to boost the RE sector. He also said that a meeting is being planned in Mumbai in January with representatives of banks, industry and state government officials to find solutions to existing bottlenecks in the RE sector. He invited global leaders and industry stakeholders to partner with India in its journey toward a green and sustainable future.
The Minister also launched the CII-EY Energy Transition Investment Monitor Report at the event. The conference, themed ‘Global Dialogue on Energy Transformation’ was attended by a distinguished gathering of industry leaders, policymakers, and experts.
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