India must double its annual solar and wind capacity additions over the next five years to meet its 2030 clean energy targets, despite recording its highest-ever renewable energy additions in 2024, according to a report by Global Energy Monitor (GEM) released on Wednesday.
Record Renewable Additions in 2024, Yet More Needed
India added nearly 28 gigawatts (GW) of solar and wind power in 2024, with solar energy accounting for 70% of the total additions, according to the Ministry of New and Renewable Energy. However, the country remains behind its earlier goal of 175 GW renewable capacity by 2022.
India has set an ambitious 500 GW non-fossil power capacity target by 2030, more than three times its current 165 GW capacity. Despite a strong pipeline of renewable projects, GEM warns that the pace of deployment must accelerate dramatically to reduce reliance on fossil fuels.
Fossil Fuels Still Dominate Power Generation
While India is rapidly scaling up renewables, fossil fuels still accounted for more than two-thirds of the total increase in power generation in 2024, according to GEM.
“A significant uptick in renewables deployment is required for renewable sources to expand beyond their current one-fifth share of total power generation and reduce coal’s dominance,” the report stated.
India also plans to increase coal-fired power capacity by 80 GW by 2031-32, pushing total coal capacity from 220 GW to 300 GW to ensure a reliable base load of power for growing electricity demand.
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Challenges in Scaling Renewable Energy
To achieve faster renewable energy adoption, India must address several infrastructure and financial challenges, including:
- Inadequate electricity transmission infrastructure to integrate renewable power into the grid
- Limited energy storage capacity to ensure stable power supply from intermittent solar and wind sources
- High financing costs for renewable projects, which could slow down capacity additions
Despite these obstacles, accelerating renewable energy deployment is critical for India to reduce carbon emissions and meet its long-term sustainability commitments. The success of its clean energy transition will depend on expanding infrastructure, improving grid stability, and ensuring competitive financing for renewable projects.
