Frontpage Insights: India gets 19 GW of green energy in just eight months, on track to become global powerhouse in green energy

India is on its way to become the power house of the world in terms of green energy. India's growth in this sector is showing signs. In 2024, 18.8 GW of new renewable generators were added in just 8 months from January to August. This is more than the renewable generators added in 2023. According to a report by the International Energy Agency (IEA), India is not only working towards increasing green energy generation capacity but is also making rapid progress in reducing carbon emissions. India's total green energy generation capacity is likely to reach 34 GW by the end of this year. The agency last week This estimate will double to 62 GW by 2030. India's growth in green energy will overtake China's in the next six months. India will install up to 172 GW of solar panels per year by 2040 will meet its projected green energy needs by 2018. With this, India will move towards net zero carbon emissions.

Renewable energy to double growth by 2030: CRISIL The CRISIL report indicates that India's renewable energy capacity is expected to grow at twice the rate of the country's total energy capacity growth. Renewable energy capacity is projected to reach 360-370 GW by FY 2030, excluding large hydro projects, at a compound annual growth rate (CAGR) of 16.5 percent-17 percent. While the overall power capacity of the country will increase by 7.5 percent-8 percent from the installed capacity of 442 GW by March 2024. India's total installed power generation capacity at the end of March 2024 was 442 GW, with renewable energy accounting for about 191 GW, including large hydroelectric projects. This growth will be driven by favorable government policies, competitive tariffs and the development of solar parks and green energy corridors. According to the report, the country is expected to add about 175-180 GW of solar capacity between fiscal years 2025 and 2030. Solar power has been the main driver of this growth, with solar capacity expected to grow from just 0.9 GW to 82 GW by 2024. The report also mentions that India's electricity demand has increased, increasing from 164 GW in FY 2018 to 243 GW in FY 2024, reflecting an average growth rate of 6.8 percent.