India is looking to boost its renewable energy capacity by 250 gigawatts (GW) over the next five years as part of a plan to have 500 GW of installed clean energy capacity by 2030.
The Indian government will invite bids for installation of 50 GW of renewable capacity each financial year until the 2027/2028 financial year, the Ministry of New and Renewable Energy said in a statement carried by PTI.
The ministry said it was already working on upgrading and expanding the transmission grids to accommodate an expected surge in renewable power generation.
As of the end of February 2023, India’s total renewable energy capacity was 169 GW, with 82 GW at various stages of implementation and about 41 GW under tendering stage. Solar, hydropower, and wind power have the highest shares of that capacity.
India’s coal-fired generators continue to provide around 70% of the country’s electricity. India is not ditching coal anytime soon—it will continue to rely on the dirtiest fossil fuel for decades, at least until 2040, Coal and Mines Minister Pralhad Joshi signaled at the end of last year.
In November, India’s Prime Minister Narendra Modi said at the G20 summit in Bali that “India is committed to clean energy and environment. By 2030, half of our electricity will be generated from renewable sources.”
“Time-bound and affordable finance and sustainable supply of technology to developing countries is essential for inclusive energy transition,” Modi added.
In the 2021/2022 financial year ended March 2022, investment in renewable energy in India hit a record $14.5 billion, up by 125% compared to FY 2020-21 and 72% higher than the pre-Covid FY 2019-20, the Institute for Energy Economics and Financial Analysis (IEEFA) said in a report last year. But investment will have to more than double to $30-$40 billion annually for India to reach its renewable capacity target by 2030, IEEFA said.
In the 2021/2022 year, a total of 15.5 GW of renewable energy was installed in India, a rebound from the slump during 2020, the institute noted.
By Tsvetana Paraskova for Oilprice.com