New Delhi: With the record additions of renewable energy in 2024 and maintaining consistent growth in the energy sector, India must double its annual solar and wind capacity additions over the next five years to meet its ambitious 2030 clean-energy targets. Despite a strong pipeline of renewable projects, fossil fuels accounted for more than two-thirds of the total increase in power generation in 2024, energy tracker Global Energy Monitor (GEM) said in a report on Wednesday.
The government targets adding nearly 130 gigawatts (GW) of prospective utility-scale solar and wind capacity in the upcoming years, and 35 GW of these additions will be connected to the grid by March 2025. It is, however, observed that the post-pandemic wind and solar growth rates have tracked slightly above this level, suggesting that renewables expansion in line with the 500 GW target is attainable if the recent pace of growth can be maintained. Hence, such trend in the growth of the energy sector would see annual wind and solar additions more than double the record levels in 2024 by 2030.
The GEM report comes ahead of National Summit & Indian Climate Leader Awards 2025, which is set to be held on March 5 in New Delhi with a spotlight — Green Finance and Investments: Achieving Net Zero by 2070. The event will be organised by the Association of Financial Advisors of India (AFAI), aiming to drive India’s efforts on decarbonisation.
According to the renewable energy ministry’s latest data, India added nearly 28 gigawatts (GW) of solar and wind capacity in 2024, with solar power additions accounting for 70 per cent of total additions. The country has set a target to achieve at least 500 GW of non-fossil power capacity by 2030, up from its current 165 GW. However, India is still falling short of its previously set target to add 175 GW by 2022.
“As global warming accelerates, our focus on sustainability must evolve from progress to urgency. India has made notable strides, yet meeting global climate demands requires greater momentum. The AFAI’s event will be a catalyst for bold action and strategic collaboration,” said AFAI summit chairman & founder member Ashish Agrawal.
However, James Norman, project manager for the Global Integrated Power Tracker said that the impressive growth of renewables in the last year, especially solar, shows how serious India is taking its climate targets. “The clean energy transition is well underway, but without continued and sustained growth of wind and solar coal will continue to reign supreme,” Agrawal said.
India also plans to raise its coal-fired capacity by 80 GW by 2031-32, increasing the total from the current 220 GW, to ensure a reliable base load of power to meet growing domestic electricity demand. “A significant uptick in renewables deployment is required for renewable sources to expand upon their current one-fifth share of total generation and to eat into coal’s dominance,” GEM report said, adding that renewables tend to generate power less readily than fossil sources.
