1Ministry of New & Renewable Energy, Delhi
2Visvesvaraya National Institute of Technology, Maharashtra
3Poornima College of Engineering, Rajasthan
4Department of Education, Rajasthan
5Rajasthan Renewable Energy Corporation Ltd, Rajasthan
6Indira Gandhi National Open University, Delhi
7Indian Institute of Technology, Delhi
Online published on 27 October, 2021.
Today India has emerged as a world leader in Renewable Energy. It has one of the highest rates of growth of Renewable Energy capacity in the world. Access to affordable, safe, reliable, and modern energy is, however, a critical necessity for all, to achieve the Sustainable Development Goals (SDGs).
In COP-21 in Paris, India had undertaken under its Nationally Determined Contributions that by 2030, 40% of its established power generation capacity will be from Non-Fossil Fuel Sources. It is already at 39.06%. India's Renewable Energies accounted for more than a third of the 386 GW of installed capacity. India has emerged as the most attractive market in the world for investment in Renewable Energy; attracting investments of 70 billion dollars in the sector from 2016 till date due to various reforms like the establishment of a single national power grid improved access to electricity for people, and the ambitious growth in renewable energy being the world's third-largest energy generator and third-largest electricity consumer, has helped in achieving these feet. The rapid expansion of Renewable Energy has brought down the cost of electricity for the people. The last bid for solar energy yielded a tariff of Rs. 1.99 per unit. This is making electricity more affordable for the people, apart from reducing CO2 emissions.
As a result, the expansion of the National Solar Mission (NSM) symbolizes and encapsulates the country's optimism and ambition for the future. This paper looks at the current updates about India's Renewable Energy (RE) Portfolio, for achieving the 2022 & 2030 targets and the key challenges to increase the cumulative installed capacity.
