Report: India must double its renewable energy capacity to achieve 2030 clean-energy goals
Global Energy Monitor's (GEM) report released on Wednesday said that India needs to double its annual additions of solar and wind power over the next five year in order to reach its 2030 clean energy targets. This is despite 2024 adding record numbers.
According to India's renewable energy minister, solar power will account for 70% of the total additions in 2024.
The country's goal is to increase its non-fossil energy capacity from 165 GW today to at least 500 GW by 2030. India still falls short of the 175 GW target it set for 2022.
The pace of renewables deployment must accelerate dramatically in order to reverse the increase in fossil generation, and to meet India's ambitious goals," said GEM. A U.S. based research group that tracks international energy projects.
According to the report, despite a pipeline of strong renewable projects, fossil-fuels will account for more than two thirds of total growth in electricity generation by 2024.
GEM stated that a significant increase in renewables deployment was needed to grow beyond their current share of one-fifth and reduce coal's dominance. Renewables also tend to produce power less quickly than fossil fuels.
India plans to increase its coal-fired power capacity by 80 GW between 2031 and 2032, increasing the total to 220 GW. This will ensure that there is a reliable supply of electricity to meet the growing domestic demand.
According to GEM, the expansion of renewables requires navigating a number of challenges including inadequate transmission infrastructure for electricity, limited energy storage capacities, and higher costs.
(source: Reuters)
