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Context:
According to a recent report by the Ministry of New and Renewable Energy (MNRE), India's renewable energy installed capacity increased by 15.84 per cent to 209.44 GW by December 2024 from 180.80 GW a year ago, marking a record expansion.
More on the news:
Key Highlights of the Report:
• The total renewable energy capacity added in 2024 has more than doubled, rising to 28.64 GW from 13.05 GW in the previous year.
• In 2024, solar power has led this growth with an addition of 24.54 GW, registering a 33.47 per cent year-on-year rise in its cumulative installed capacity to 97.86 GW in 2024.
• Wind power addition was 3.42 GW in 2024, taking the total wind capacity to 48.16 GW, a growth of 7.64 per cent from 2023.
• Bioenergy installed capacity rose from 10.84 GW in December 2023 to 11.35 GW in December last year.
• Small hydropower projects saw incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024.
• India stands fourth globally in installed renewable energy capacity (including large hydro), 4th in Wind Power capacity and 4th in solar power capacity as of 2022.
Government Initiatives:
• National Green Hydrogen Mission: On Independence Day 2021, announced this mission and, the goal is to make India the global hub of Green Hydrogen production and export.
• AatmaNirbhar Bharat: PLI scheme in Solar PV manufacturing with financial outlays of INR 24,000 Cr introduced under AatmaNirbhar Bharat. Imposition of Basic Customs Duty of 25% on Solar Cell & 40% on Solar PV Modules w.e.f. 01.04.2022.
• Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahaabhiyan (PM-KUSUM): Launched in 2019 by MNRE to provide subsidies to farmers to install solar irrigation pumps, grid-connected power plants and increase farmers' income.
• Foreign Direct Investment (FDI) in the renewable energy sector is permitted up to 100% under the automatic route.
Global Initiatives taken by India:
• India was the first G-20 country to meet its Paris commitments, India has set an ambitious target to produce 500 GW of renewable energy by 2030, of which 200 GW has been achieved.
• India has taken several global initiatives such as the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, One Sun One World One Grid, and Global Biofuel Alliance to foster a sustainable planet.
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