India on Track to Achieve 500 GW Renewable Energy Capacity by 2030
New Delhi: Union Minister for New and Renewable Energy, Pralhad Joshi, announced on Monday that leading banks and financial institutions have pledged nearly $386 billion (approximately ₹32.45 trillion) towards the development of renewable energy projects by 2030. This declaration was made during the inaugural session of the 4th RE-Invest Summit, organized by the Ministry of New and Renewable Energy (MNRE) in collaboration with the Confederation of Indian Industry (CII).
Joshi highlighted that India’s renewable energy capacity has surged by 175% and its renewable energy generation has increased by 86% since 2014. “India is not only the fifth-largest economy but also the fastest-growing globally,” he stated. “This growth is driving an unprecedented demand for energy, and we are dedicated to fulfilling this demand sustainably.”
The minister emphasized that India’s solar capacity has expanded by an impressive 33 times since 2014. He also mentioned the launch of the PM Suryaghar Yojana for rooftop solar installations, noting that approximately 3.5 million installations have been completed to date.
While India aims to achieve 500 gigawatts (GW) of renewable energy by 2030, Joshi indicated that the ministry has already received commitments totaling 570 GW from the solar sector. The solar manufacturing sector has pledged 340 GW of solar module manufacturing capacity and 240 GW for solar cell production by the decade’s end. Additionally, wind developers have committed to 22 GW of manufacturing capacity.
A key highlight of the 4th RE-Invest Summit was the presentation of the ‘Shapath Patra’ by various stakeholders, including renewable energy project developers, equipment manufacturers, and financing institutions. These commitments aim to strengthen the renewable energy supply chain and funding efforts.
Joshi reiterated that India has successfully established 200 GW of renewable energy capacity and is on track to meet its 500 GW target by 2030, aligning with its commitments made on global platforms such as the G20 and the UNFCCC.
