India renewables to rise by 35-40GW annually
This puts the market on track to reach its 2030 target.
India is projected to add 35 to 40 gigawatts of renewable energy capacity per year through 2029-2030, a report found.
This will steer the country back on track to reach its 2030 target of sourcing 50% of its energy from non-fossil fuels, according to the Institute for Energy Economics and Financial Analysis (IEEFA) and the Climate Energy Finance (CEF).
“India has been one of the champions globally in adopting renewable energy as part of its energy transition,” Vibhuti Garg, Director, South Asia, IEEFA, said.
“While recent headwinds faced by the renewable energy sector and rapidly rising power demand have forced the government to re-look at thermal power as a short-term fix, the government’s clean energy capacity addition targets, as well as commitments by various corporations, remain ambitious."
The report also noted that thermal power will likely lose market share as it sees the current use of thermal energy to be a “short-term hiccup.”
“The Indian government seems unbending in ensuring the renewable energy targets are met through facilitating growth across the sector’s spectrum,” she also said.
“Financially strong investors, such as the Indian government, domestic conglomerates, and some of the biggest global investors, back most industry players, lending them the firepower needed to fulfil their capacity addition targets.”