Green energy ecosystem in the country has been witnessing a paradigm shift that symbolizes a change in focus, policy, and investment strategy. Union Minister Prahlad Joshi’s shift from the Ministry of Coal to the Ministry of New and Renewable Energy in the Modi 3.0 government signals a strategic move in the country’s energy priorities. While Prime Minister Narendra Modi referenced this change of Ministry humorously at the REINVEST Summit, it unmistakably reflects a deeper paradigm shift towards a more sustainable and forward-thinking energy agenda. The event in Gandhinagar, Gujarat, saw an unprecedented commitment of ₹32.45 lakh crore towards renewable energy investments by 2030, marking a historical turning point.
This pledge is in alignment with India’s “Panchamrit” initiative, unveiled at the COP26 summit, where the nation committed to achieving 500 GW of non-fossil energy capacity by 2030. The ambitious target is not only essential for climate action but also critical for India’s journey towards energy security and economic growth. At the REINVEST summit, stakeholders across the energy spectrum made substantial commitments to this goal, promising to add a further 570 GW of energy capacity. Solar module manufacturers committed to 340 GW, solar cell manufacturers to 240 GW, wind turbine producers to 22 GW, and electrolyser manufacturers pledged 10 GW. These figures reflect an integrated and multi-pronged effort toward transforming the energy sector.
Renewable energy has become the driving force of India’s future economic growth. To ensure the country’s leadership in this space, large-scale investments, innovation, and policy advancements are critical. The government, developers, and financial institutions must work cohesively, focusing on creating a conducive environment for clean energy expansion. The involvement of international stakeholders, such as the India-Germany platform for investments in renewable energies worldwide, underpins the importance of collaboration for accelerating technology transfer, innovations, capital infusion, and the development of sustainable solutions.
India’s renewable energy capacity, particularly in solar photovoltaic (PV) modules, has witnessed rapid growth. Back in 2014, the installed capacity for Solar PV Modules stood at just 2.3 GW, while Solar PV Cells were limited to 1.2 GW. Fast forward to today, the country boasts 67 GW of installed Solar PV Module capacity and 8 GW for Solar PV Cells. This exponential growth highlights the remarkable progress in renewable energy infrastructure. Yet, much more remains to be done to meet future demands and keep pace with the growing energy needs of a developing economy.
The renewable energy sector’s growth, while promising, faces significant challenges that require immediate attention. Key issues include scaling up manufacturing capabilities, creating demand through more effective enforcement of Renewable Purchase Obligations (RPOs), and embedding circular economy principles. Simultaneously, enhancing the climate resilience of renewable energy projects will be crucial to sustaining long-term growth and ensuring reliability in the face of environmental challenges.
Public sector companies are also stepping up their involvement in the renewable energy sector. NTPC Green, a subsidiary of Power Maharatna NTPC, is leading the charge with ambitious plans for renewable energy expansion. Similarly, NLC India Limited (NLCIL), a mining giant, is making strides toward low-carbon energy pathways. Through its subsidiary NLC India Green Energy Limited (NIGEL), the company has committed substantial investments in renewable energy, planning a threefold increase in power generation capacity by 2030. Other players in the energy sector will also need to aim for a 50% share of renewable energy by 2030, and a 77% share by 2047, enabling India to stay on course for its 2070 Net Zero emissions goal.
India is on the cusp of a renewable energy revolution, driven by unprecedented investment, bold innovation, and a shared commitment to a sustainable future. While challenges remain, the path forward is clear—renewable energy is not just a necessity but an opportunity for India to lead the world in the global transition to a greener future.
Author:
Arif Aga
Director
Arif Aga, Director, SgurrEnergy India
