At the Mercom India Renewables Summit 2024, Union Minister of New and Renewable Energy, Pralhad Joshi, highlighted the government’s significant efforts to enhance renewable energy capacity. He reported that nearly 151 GW of renewable power projects are currently underway, with 76.42 GW expected to become operational in the next 3-4 years.
Joshi emphasized that the government’s focus on renewable energy is evident in various initiatives and Budget 2024 announcements. Key initiatives include prioritizing energy storage, providing free electricity to 10 million households under the PM Surya Ghar: Muft Bijli Yojana, and developing a policy for pumped hydro storage to improve renewable energy integration.
He noted that India’s renewable energy capacity has more than doubled from 76 GW in 2014 to over 195 GW by June 2024. Solar power capacity surged from 3 GW in 2014 to over 85 GW, while wind power capacity grew from 21 GW to over 46 GW in the same period. Joshi highlighted that the recent Union Budget reflects the government’s strong support for the renewable energy sector, with nearly double the previous year’s allocations.
Joshi also outlined the country’s renewable energy potential, stating that India has a capacity of 2,109 GW from solar, wind, hydro, and biomass sources. The government aims to achieve a renewable energy capacity of 500 GW by 2030, showcasing its commitment to transitioning towards cleaner energy alternatives and reducing carbon emissions.
