India Emerging as Global Renewable Energy Hub: Union Minister Pralhad Joshi

New Delhi: Highlighting India’s exceptional progress in renewable energy, Union Minister for New and Renewable Energy Pralhad Joshi declared that India is witnessing an unprecedented energy revolution and is on track to becoming the renewable energy capital of the world. Addressing the 5th CII International Energy Conference and Exhibition (IECE) in New Delhi, Joshi emphasized India’s pivotal role in the global clean energy sector under the visionary leadership of Prime Minister Narendra Modi.

“What India does in renewable energy is not only keenly observed but also adopted by several nations,” stated the Minister, while underscoring the success of the International Solar Alliance (ISA). He described the ISA as a global collaboration spearheaded by India, with 120 countries as signatories, further reinforcing India’s leadership in renewable energy.

Sharing remarkable growth figures, Joshi highlighted that India added nearly 15 GW of renewable energy capacity between April and November of the current financial year, almost double the 7.54 GW added during the same period last year. He further noted that India’s total installed capacity in the non-fossil fuel sector has reached 214 GW, reflecting a 14% growth year-on-year. In November 2024 alone, India added 2.3 GW of capacity—a four-fold increase from 566 MW added in November 2023.

The Union Minister reiterated the government’s commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. Despite being home to one of the world’s largest coal reserves, Joshi proudly noted that India’s per capita emissions remain one-third of the global average. He emphasized that India is the only G20 nation to have achieved its Paris Climate Summit goals before the deadline. He linked India’s renewable energy growth to the broader vision of achieving a Viksit Bharat (developed India) by 2047 through sustainable and green development.

Outlining major government initiatives to boost the renewable energy sector, Joshi highlighted key measures:

• Production-Linked Incentive (PLI) Scheme: With an outlay of ₹24,000 crore, this scheme aims to strengthen domestic manufacturing of solar panels and modules.
• 50 Solar Parks Initiative: The government plans to establish parks with a cumulative capacity of 38 GW by 2025-26.
• Renewable Purchase Obligation (RPO): A trajectory for RPO has been declared up to 2029-30.
• PM Surya Ghar Muft Bijli Yojana: Targeting 1 crore installations of solar panels by 2026-27, with a budget of ₹75,021 crore.

The Minister also spoke about REInvest 2024 held in September and Chintan Shivir 2024 in November, organized by the Ministry of New and Renewable Energy (MNRE) to accelerate growth in the renewable energy sector. To resolve existing challenges, Shri Joshi announced a high-level meeting scheduled for January 2025 in Mumbai with representatives from banks, industries, and state governments.

Inviting global leaders and industry stakeholders to partner with India, Joshi urged collaboration to advance India’s journey toward a green and sustainable future.

On the occasion, Joshi launched the CII-EY Energy Transition Investment Monitor Report, underscoring the importance of investments in achieving energy transformation goals. Themed “Global Dialogue on Energy Transformation,” the conference brought together industry leaders, policymakers, and experts to deliberate on strategies for sustainable energy growth.