+
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
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?