In a significant stride towards sustainable energy, India is set to achieve an impressive 65% share of renewable energy in its energy mix by 2030, according to Union Power Minister RK Singh. The announcement comes as a testament to the nation’s remarkable progress in the adoption of clean energy sources and its commitment to combating climate change.
Currently, India possesses an installed non-fossil fuel-based power generation capacity of 186 GW. Minister Singh proudly proclaimed that the country had not only met its initial target of having 40% renewables in its energy mix by 2030 but had also achieved this goal nine years ahead of schedule in 2021. He further emphasized that the share of renewable energy in the total installed power generation capacity is projected to surge to 65% by the end of this decade.
Speaking at an event that celebrated the release of a book authored by Sumant Sinha, Chairman of ReNew Power, Minister Singh marvelled at the astonishing pace of capacity expansion in renewable energy. The government’s ambitious plans outline the addition of 50 GW of renewable energy capacity annually.
With India’s current installed power generation capacity standing at 423 GW, the nation is in the midst of a monumental shift towards greener alternatives. The nation is projected to require an additional 40 GW of electricity this year alone, given the 14% surge in power demand. This rising demand underscores the urgency of transitioning to sustainable energy sources to meet the country’s power needs while minimizing its environmental impact.
Sinha’s book, titled ‘Fossil Free – Reimagining Clean Energy in a Carbon Constrained World,’ was praised by Minister Singh for its relevance and insight into the sector’s developments. The book offers a comprehensive overview of the progress made thus far and highlights the strategic steps required to further propel the adoption of renewable energy.
As the Founder, CEO, and Chairman of ReNew Power, Sinha underscored the significance of consistent, round-the-clock power supply in the context of renewable energy. He highlighted the need for India Inc’s annual capital expenditure of approximately $100 billion to allocate half of this budget towards renewables, in order to achieve the nation’s ambitious goal of reaching 500 GW of renewable energy capacity by 2030.
