India Added Record 18 GW Renewable Energy Capacity in FY24

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India's Renewable Energy Capacity Grows in FY24

India has achieved a significant milestone by adding a record 18.48 GW of renewable energy capacity in the fiscal year 2023-24, showcasing a remarkable increase of over 21% from the previous year's 15.27 GW. The latest data from the Ministry of New and Renewable Energy highlights this remarkable progress.

Ambitious Targets and Industry Experts' Insights

While this achievement is commendable, industry experts emphasize the need for sustained efforts to meet the ambitious target of 500 GW of renewable energy by 2030. To achieve this goal, it's imperative to add at least 50 GW of renewable energy capacity annually for the next six years. 

Current Renewable Energy Landscape

As of March 31, 2024, India's installed renewable energy capacity stands at 143.64 GW, excluding 47 GW from large hydropower projects. Including large hydro projects, the total renewable energy capacity in India is estimated to be around 190 GW. Solar installations led the capacity addition in 2023-24, accounting for 12.78 GW, followed by 2.27 GW from wind energy projects.

Union Minister's Optimism and Government Initiatives

Union Power and Renewable Energy Minister RK Singh, in a recent interview with PTI, said, "You see, my installed capacity of RE is about 190 GW, I have 103 GW under construction, that makes it 290 GW. I have 72 GW under bids, so I am already at about 360 GW. I will reach it (target of renewable energy capacity of 500 GW by 2030) before time as I reach all my targets".

State-wise Distribution of Renewable Energy Capacity

Gujarat and Rajasthan emerge as leaders in renewable energy adoption, boasting the largest capacities of about 27 GW each, followed by Tamil Nadu, Karnataka, and Maharashtra. Other states like Himachal Pradesh and Andhra Pradesh have also made significant strides, with installed capacities of about 11 GW each.

India's remarkable progress in renewable energy underscores its commitment to a sustainable future and positions it as a key player in the global renewable energy landscape.

Source: Outlook India


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