Union Minister for New and Renewable Energy, Pralhad Joshi, emphasized India’s rapid progress in the renewable energy sector, describing the country as not only undergoing an energy revolution but also emerging as the renewable energy capital of the world. Speaking at the 5th CII International Energy Conference and Exhibition (IECE) in New Delhi, Joshi highlighted India’s leadership in clean energy under Prime Minister Narendra Modi’s guidance.
“The world is closely watching India’s actions in renewable energy, and many countries are adopting our model,” the Minister stated. He also praised the International Solar Alliance, which India initiated, as a key platform for global cooperation, with 120 countries as signatories.
Joshi reported that from April to November of the current financial year, India added nearly 15 GW of renewable energy capacity, almost doubling the 7.54 GW added in the same period last year. He further noted that the country’s total installed capacity in non-fossil fuel energy has reached 214 GW, an increase of over 14% compared to the same period last year. In November 2024 alone, India added 2.3 GW of new capacity, a four-fold rise from the 566 MW added in November 2023.
The Minister reaffirmed the Union Government’s commitment to achieving 500 GW of non-fossil fuel-based capacity by 2030. Despite having some of the largest coal reserves globally, India has one of the lowest per capita emissions, which are a third of the global average. Joshi also emphasized that India is the only G20 country to have met the Sustainable Development Goals set at the 2015 Paris Climate Change Summit ahead of schedule. He pointed out that the ongoing transformation of India’s energy sector is integral to realizing the vision of a “Viksit Bharat” (developed India) by 2047, which will rely heavily on sustainable and green growth.
The Minister highlighted several government initiatives to promote the renewable energy sector, including the ₹24,000 crore Production-Linked Incentive (PLI) scheme to encourage domestic solar panel and module manufacturing. He also mentioned the ongoing effort to establish 50 solar parks with a combined capacity of 38 GW by 2025-26. Additionally, a trajectory for the Renewable Purchase Obligation (RPO) up to 2029-30 has been set. Joshi noted that the PM Surya Ghar Muft Bijli Yojana aims to install 1 crore solar systems by 2026-27, with an investment of ₹75,021 crore.
The Minister also mentioned two key events organized by the Ministry of New and Renewable Energy (MNRE): REInvest in September 2024 and Chintan Shivir in November 2024, both aimed at boosting the renewable energy sector. Furthermore, a meeting is being planned in Mumbai in January 2025 with representatives from banks, the industry, and state governments to address current challenges in the renewable energy sector. He extended an invitation to global leaders and industry stakeholders to collaborate with India on its journey toward a green, sustainable future.
Joshi also launched the CII-EY Energy Transition Investment Monitor Report at the event. The conference, themed “Global Dialogue on Energy Transformation,” was attended by a distinguished group of industry leaders, policymakers, and experts.
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