+
India Urged to Boost Renewable Energy for 2030 Targets
POWER & RENEWABLE ENERGY

India Urged to Boost Renewable Energy for 2030 Targets

A recent study conducted by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research underscores the urgent need for India to accelerate its renewable energy installations to fulfill its ambitious 2030 target of 500 gigawatts (GW). The report, released amidst a landscape of evolving energy dynamics, highlights the current scenario and outlines crucial recommendations to navigate the challenges hindering progress in the renewable sector.

As of March 2024, India has successfully installed approximately 190 GW of renewable energy capacity. However, to reach the 2030 milestone, the nation must amplify its annual installation rate to approximately 50 GW. This stark contrast from the 18 GW added in the fiscal year 2023-24 emphasizes the necessity for a significant surge in renewable energy projects.

The investment trajectory in the renewable sector reflects a slight downturn, with investments dropping from US$11.7 billion in FY 2022-23 to US$11.4 billion in FY 2023-24. To align with the 2030 objectives, the report indicates a need for more than 2.5 times the installation rate compared to the previous fiscal year.

Addressing the challenges impeding the conversion of issued tenders into actual projects and limiting investment flow, the report puts forth key policy recommendations. These include easing import barriers, sector-specific tax breaks, and stringent enforcement of Renewable Purchase Obligations (RPO) and Energy Storage Obligations (ESO).

Specific challenges within the solar photovoltaic (PV) supply chain are identified, such as price disparities between domestic and imported modules and insufficient domestic module capacity. The report recommends measures like relaxing import regulations and including leading global manufacturers in the Approved List of Models and Manufacturers (ALMM) to address these issues.

Furthermore, the study stresses the critical need for skilled solar PV manufacturing technicians and emphasizes extending exemptions on Inter-State Transmission System (ISTS) charges until 2030 for utility-scale renewable energy projects.

In light of lax enforcement of RPO compliance by state electricity distribution companies (DISCOMs), the report suggests imposing penalties for non-compliance to ensure stricter adherence to regulations.

The comprehensive report from IEEFA and JMK Research not only provides critical insights into the renewable energy landscape but also offers actionable recommendations for policymakers. These recommendations are geared towards expediting renewable energy deployment and attracting the necessary investments to ensure India's success in meeting its ambitious 2030 renewable energy targets.

A recent study conducted by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research underscores the urgent need for India to accelerate its renewable energy installations to fulfill its ambitious 2030 target of 500 gigawatts (GW). The report, released amidst a landscape of evolving energy dynamics, highlights the current scenario and outlines crucial recommendations to navigate the challenges hindering progress in the renewable sector. As of March 2024, India has successfully installed approximately 190 GW of renewable energy capacity. However, to reach the 2030 milestone, the nation must amplify its annual installation rate to approximately 50 GW. This stark contrast from the 18 GW added in the fiscal year 2023-24 emphasizes the necessity for a significant surge in renewable energy projects. The investment trajectory in the renewable sector reflects a slight downturn, with investments dropping from US$11.7 billion in FY 2022-23 to US$11.4 billion in FY 2023-24. To align with the 2030 objectives, the report indicates a need for more than 2.5 times the installation rate compared to the previous fiscal year. Addressing the challenges impeding the conversion of issued tenders into actual projects and limiting investment flow, the report puts forth key policy recommendations. These include easing import barriers, sector-specific tax breaks, and stringent enforcement of Renewable Purchase Obligations (RPO) and Energy Storage Obligations (ESO). Specific challenges within the solar photovoltaic (PV) supply chain are identified, such as price disparities between domestic and imported modules and insufficient domestic module capacity. The report recommends measures like relaxing import regulations and including leading global manufacturers in the Approved List of Models and Manufacturers (ALMM) to address these issues. Furthermore, the study stresses the critical need for skilled solar PV manufacturing technicians and emphasizes extending exemptions on Inter-State Transmission System (ISTS) charges until 2030 for utility-scale renewable energy projects. In light of lax enforcement of RPO compliance by state electricity distribution companies (DISCOMs), the report suggests imposing penalties for non-compliance to ensure stricter adherence to regulations. The comprehensive report from IEEFA and JMK Research not only provides critical insights into the renewable energy landscape but also offers actionable recommendations for policymakers. These recommendations are geared towards expediting renewable energy deployment and attracting the necessary investments to ensure India's success in meeting its ambitious 2030 renewable energy targets.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?