This blog is a comprehensive intelligence offering from ClimaVision.
India is finally stepping into the spotlight as a potential clean energy superpower—yes, you read that right! After years of missed targets and a fair share of policy missteps, it seems like the country is getting its act together in the renewable sector. It’s almost like watching a slow-moving train finally pick up speed after a long delay.
Let’s rewind a bit. Prime Minister Narendra Modi set ambitious goals, aiming for 500 gigawatts of clean energy by 2030. However, the reality was far from rosy; previous targets were missed, and coal usage surged as renewable installations faltered. Last year saw a 19% drop in wind and solar installations, which was enough to make any climate advocate cringe. But hold on! The tide appears to be turning.
Fast forward to 2024, and we’re seeing new renewable installations sprouting up like daisies after a monsoon. In just eight months, India connected nearly 18.8 GW of new renewable capacity—more than all of 2023 combined! The International Energy Agency predicts that by the end of this year, we could hit around 34 GW of new capacity, with projections to nearly double that by 2030. Talk about a turnaround!
What’s fueling this growth? Well, solar panel manufacturers are ramping up production, with India set to assemble an impressive 172 GW of panels annually by 2026. This could meet domestic needs well into the future and help position India as a key player in the global clean energy market.
Actionable Points for CEOs
- Invest in Local Manufacturing: Consider partnerships with Indian solar manufacturers to secure supply chains and reduce dependency on imports.
- Engage in Policy Advocacy: Work with government bodies to ensure supportive policies for renewable energy are upheld and expanded.
- Explore New Markets: As India ramps up its clean energy capacity, look for opportunities to export innovative solutions or technologies that can meet emerging global demands.
Indian Example
- Exide Industries Limited exemplifies strategic growth in India’s clean energy sector. Traditionally known for its battery manufacturing, Exide has diversified into renewable energy solutions, including solar energy storage systems and electric vehicle (EV) batteries.