According to a detailed study by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research, India needs to significantly accelerate its renewable energy installations to reach its ambitious target of 500 gigawatts (GW) by 2030.
The report highlights that, as of March 2024, India has installed around 190 GW of renewable energy capacity. To meet the 2030 goal, the annual installation rate must increase to approximately 50 GW, which is a substantial rise from the just over 18 GW added in the fiscal year 2023-24.
Investment trends show a slight decline, with renewable sector investments decreasing from $11.7 billion in FY 2022-23 to $11.4 billion in FY 2023-24. This indicates that India needs to more than double its installation rate compared to the previous fiscal year to remain on track for the 2030 target.
Key policy recommendations from the report include reducing import barriers by lowering import duties and removing non-tariff barriers like the Approved List of Models and Manufacturers (ALMM).
Additionally, the report suggests implementing sector-specific tax incentives, strictly enforcing Renewable Purchase Obligations (RPO) and Energy Storage Obligations (ESO), and enhancing transmission infrastructure.
As reported by ETEnergyworld.com, the IEEFA and JMK Research report offers crucial insights and practical recommendations for policymakers, focusing on accelerating renewable energy deployment and attracting the necessary investments to ensure India achieves its 2030 renewable energy goals.
