The adoption of renewable energy in India has seen remarkable and blazing growth so far and is at a critical juncture now. Ensuring the economic viability of future projects and addressing policy pain points will be vital to sustaining this momentum. India runs the largest clean energy programme in the world and aims to achieve 175 GW of renewable energy capacity by 2022 in line with its commitments to mitigating the effects of climate change.
The country has an even more ambitious plan to achieve 60% of its installed electricity generation capacity from clean energy sources by 2030, with a target of achieving 450GW of installed renewable energy generation capacity. As of the second quarter of FY 2021-21, India has achieved roughly half of its 2022 target for the addition of new renewable energy generation capacity. According to UK-based analytics firm British Business Energy, India has been ranked third on its renewable energy investments and plans, and as the world’s fifth-largest energy economy by revenue. This trailblazing growth trajectory has come with a few challenges of its own, though.
[source: financialexpress.com, 10/01/2021]