India's Remarkable Progress in Renewable Energy Sector Throughout 2023
The nation saw a substantial addition of approximately 13.5 GW in renewable energy capacity during the calendar year, attracting an investment of around INR 74,000 crores.
January 04, 2024. By Abha Rustagi
Globally recognized, India secured the 4th position in Renewable Energy Installed Capacity, 4th in Wind Power capacity, and 5th in Solar Power capacity, according to the International Renewable Energy Agency's 2023 statistics.
A significant milestone was the initiation of the National Green Hydrogen Mission, aiming to establish India as a global hub for Green Hydrogen production, usage, and export. With an approved outlay of INR 19,744 crores, the mission encompasses strategic interventions like the Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme, as demonstrated at the International Conference on Green Hydrogen (ICGH – 2023).
The ministry is actively pursuing plans for the Green Energy Corridor, involving the setup of 13,000 MW of Renewable Energy and a 12,000 MWh Battery Energy Storage System in Ladakh.
The recent approval of an Inter-State Transmission System by the Cabinet Committee on Economic Affairs ensures reliable power supply to Ladakh and Jammu and Kashmir.
Under the Production Linked Incentive (PLI) Scheme for Solar PV Modules, India has issued Letters of Award for setting up 39,600 MW of solar PV module manufacturing units. The Offshore Wind Energy sector received a boost with the issuance of "Offshore Wind Energy Lease Rules, 2023," aiming to install 37 GW capacity of offshore wind energy.
The PM KUSUM Scheme witnessed expansion with revised targets, aiming to install/solarize 49 lakh pumps. The ministry also streamlined the scheme by amending guidelines and extending exemptions under Component 'C.' A significant move is the prescription of an annual bidding trajectory for Renewable Energy power bids, with 35.51 GW bids already issued in FY 2023-24.
India's commitment to a greener energy landscape is evident in the ambitious Renewable Purchase Obligation (RPO) targets, progressively increasing the minimum share of renewable energy to 43.33 percent in 2029-30. The Indian Renewable Energy Development Agency (IREDA) saw a significant rise, achieving Infrastructure Finance Company (IFC) status and completing a successful IPO.
On the global stage, India assumed the Presidency of the 13th Assembly of The International Renewable Energy Agency (IRENA) and played a pivotal role in the G20 Energy Transitions Working Group and Energy Transitions Ministerial Meeting, contributing to the G20 Leaders Declaration.
These milestones underscore India's steadfast commitment to sustainable and renewable energy sources, positioning the nation as a key player in the global transition towards cleaner energy alternatives.
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