Ayush Kumar Jaiswal
India has made remarkable strides in renewable energy in recent years, and 2024 is no exception. Industry leaders are confident the country is on track to achieve its ambitious green energy goals, thanks to the collaborative efforts of the public and private sectors.
India’s total electricity generation capacity has reached 452.69 GW, with renewable energy forming a significant part of the energy mix. This shift reflects the country’s growing reliance on cleaner, non-fossil fuel energy sources and marks a pivotal transformation in India’s energy landscape.
Panchamrit Pledge and Climate Commitments
As part of its commitment to reducing dependence on fossil fuels, India unveiled its ambitious “Panchamrit” pledge at COP26 in 2021. The key goals include:
- Reaching 500 GW of non-fossil electricity capacity by 2030.
- Generating half of the country’s energy needs from renewable sources.
- Reducing emissions by 1 billion tonnes by 2030.
- Lowering GDP emissions intensity by 45%.
- Achieving net-zero emissions by 2070.
These initiatives align with global momentum toward green energy for climate mitigation and showcase India’s commitment to playing a pivotal role in addressing climate change.
Looking Towards 2025: Industry Optimism
Renewable energy industry leaders believe the sector will continue to thrive as 2025 approaches.
“We expect a surge in renewable energy investments driven by increased collaboration between private and public entities, which will fuel continued growth,” said Srivatsan Iyer, Global CEO, Hero Future Energies.
Akshay Jain, CEO and co-founder of Cancrie, added, “The coming years will see rapid advancements in green energy, especially in reducing the cost of energy storage solutions.”
Driving Progress Through Policy and Innovation
Government initiatives have been instrumental in supporting renewable energy development. Programs like the National Green Hydrogen Mission, revised ALMM guidelines, and fiscal incentives for domestic manufacturing have encouraged innovation and investment.
However, challenges remain. Stakeholders highlighted the need for improvements in transmission infrastructure and faster execution of evacuation projects.
Parag Sharma, founder and CEO of O2 Power, suggested waiving interstate transmission charges for power purchase agreements signed before June 2025 and reducing the implementation cycle for transmission projects from four years to two.
Prashant Mathur, CEO of Saatvik Solar, praised the government’s focus on self-reliance, which has driven growth in solar cell manufacturing. Similarly, Anmol Jaggi, Chairman & Managing Director of Gensol Engineering Limited and co-founder of BluSmart, called for reducing the GST on solar trackers from 18% to 5% or including them in Production Linked Incentive (PLI) schemes to boost domestic manufacturing.
Emerging Trends and Future Prospects
Innovative market models such as battery storage arbitrage, FDRE (Flexible Demand Response Energy), and virtual power purchase agreements (VPPAs) are expected to shape India’s energy market and accelerate the transition to green energy.
Experts also stress the importance of quality over quantity in the renewable energy sector. Simarpreet Singh, Executive Director & CEO of Hartek Group, emphasized, “As we approach 2025, the focus must shift to quality execution rather than overcommitting to excessive projects, which can strain resources and compromise quality.”
Looking ahead, the renewable energy ecosystem is set for transformative growth. Industry leaders anticipate increased investments in solar and wind projects, the widespread integration of Battery Energy Storage Systems (BESS), and the scaling up of green hydrogen production under the National Green Hydrogen Mission.
India’s renewable energy journey showcases its commitment to a sustainable future, setting an inspiring example for the world. With continued innovation, collaboration, and policy support, the country is poised to lead the global energy transition.
