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Creating a sustainable world
India ranks 3rd in renewable energy country attractive index in 2021 and 3rd largest energy consuming country in the world.
India stands 4th globally in Renewable Energy Installed Capacity (including Large Hydro), 4th in Wind Power capacity & 4th in Solar Power capacity (as per REN21 Renewables 2022 Global Status Report).
The country has set an ambitious target to achieve a capacity of 175 GW worth of renewable energy by the end of 2022, which expands to 500 GW by 2030. This is the world's largest expansion plan is in renewable energy.
India was the second largest market in Asia for new solar PV capacity and third globally (13 GW of additions in 2021). It ranked fourth for total installations (60.4 GW), overtaking Germany (59.2 GW) for the first time.
India’s installed renewable energy capacity has increased 396% in the last 8.5 years and stands at more than 159.95 Giga Watts (including large Hydro), which is about 40% of the country’s total capacity (as on 31st March 2022). The installed solar energy capacity has increased by 19.3 times in the last 8 years, and stands at 56.6 GW as of 1st June 2022. The installed Renewable energy capacity (including large hydro) has increased from 76.37 GW in March 2014 to 159.95 GW in May 2022, i.e. an increase of around 109.4%. The installed power capacity in the country is around 408.72 GW as of 30th November 2022.
India achieves 166GW of renewable energy capacity till October 2022. India has achieved its NDC target with total non-fossil based installed energy capacity of 159.95 GW which is 41.4% of the total installed electricity capacity.
FDI of up to 100% is allowed in the renewable energy industry under the automatic route, with no prior government approval needed.
Up to 100% FDI is allowed under the automatic route for renewable energy generation and distribution projects subject to provisions of The Electricity Act, 2003.
For further details, please refer FDI Policy
- + GW
Renewable energy potential in India
- GW
Installed renewable energy capacity (as of May 2022)
- %
Share in total installed capacity
3rd globally for total renewable power capacity additions
4th largest installed capacity of wind power in the world
3rd largest market in the world for new solar photovoltaics (PV) capacity
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Industry Scenario
Renewable energy sources have a combined installed capacity of 150+ GW.
As of 31st August 2022, Renewable energy sources, including large hydropower, have a combined installed capacity of 163 GW.
The following is the installed capacity for Renewables:
- Wind power: 41.2 GW
- Solar Power: 59.34 GW
- Biomass/Co-generation: 10.2 GW
- Small Hydro Power: 4.88 GW
- Waste To Energy: 0.47 GW
- Large Hydro: 46.85 GW
India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 bn in India by 2030.
India has been ranked amongst top 5 countries in the world, and the best among the G20 countries, based on its Climate Change performance. India jumps 2 spots higher, and is now ranked 8th as per Climate Change Performance Index (CCPI, 2023).
India attracts $13 bn FDI in non-conventional energy sector. India could attract close to $10 bn in renewable energy investment in 2023.
India‘s target is to produce 5 MT of green hydrogen by 2030. Green Hydrogen target is set at India’s electrolyzer manufacturing capacity is projected to reach 8 GW per year by 2025. The cumulative value of the green hydrogen market in India could reach $8 bn by 2030 and India will require at least 50 gigawatt (GW) of electrolysers or more to ramp up hydrogen production.
- 59 solar parks of aggregate capacity 40 GW have been approved in India
- Solar Parks in Pavagada (2 GW), Kurnool (1 GW) and Bhadla-II (648 MW) included in top 5 operational solar parks of 7 GW capacity in the country
- The world’s largest renewable energy park of 30 GW capacity solar-wind hybrid project is under installation in Gujarat
- India offers a great opportunity for investments in RE sector; $196.98 bn worth of projects underway in India
- Wind Energy has an off-shore target of 30 GW by 2030 with 3 potential sites identified
Union Budget 2022 Highlights
- Additional allocation of INR 19500 Crore for solar PLI Scheme
- Introduction of Sovereign Green Bonds in public sector projects
- 5-7% biomass pellets to be co-fired in thermal power plants, saving 38 MMT of carbon dioxide annually
GROWTH DRIVERS
Government commitments
Reduce India’s total projected carbon emission by 1 bn tonnes by 2030, reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve net-zero carbon emissions by 2070 and expand India’s renewable energy installed capacity to 500 GW by 2030.
Proposed solar cities and parks
1 solar city per state-approved and approval setting up 45 solar parks of 37 GW across the nation
New areas of opportunities
Wind – Solar Hybrid, Off-shore Wind Energy, Floating PV Projects, Green Hydrogen
Atmanirbhar Bharat
PLI scheme in Solar PV manufacturing with financial outlays of INR 24,000 crores introduced under Atmanirbhar Bharat 3.0. Imposition of Basic Customs Duty of 25% on Solar Cell & 40% on Solar PV Modules w.e.f. 01.04.2022.
Production Linked Incentive (PLI) Scheme
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in High Efficiency Solar PV Modules for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat.
INR 24,000 cr
Scheme Outlay
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