There is a possibility that nations, which had endorsed the tripling of global renewable energy capacity by 2030, as agreed upon during the COP28 climate conference last month, will genuinely fulfill this commitment, as stated by the International Energy Agency (IEA).
The IEA specifically highlighted India, expressing confidence in its ability to achieve the target of installing 500 GW of non-fossil-based capacity by 2030. Through a series of strategic initiatives that enhance renewable energy generation, India is projected to add 205 GW between 2023 and 2028, effectively doubling the cumulative installed capacity from 2022 and positioning itself as the third-largest market for renewables globally.
By early 2025, renewable energy is poised to surpass coal, becoming the primary source for global electricity generation. Additionally, in 2024, variable renewable generation is expected to outpace hydropower.
As reported by Hindustan Times, the IEA report attributes the three percent upward revision in India’s installed renewable capacity to several factors. These include an expansion in the capacity of auctions for allocating renewable projects, the implementation of a closed-envelope bidding process for wind projects, improvements in grid-access regulations for commercially distributed solar power, and the resolution of a significant portion of overdue payments to renewable energy generators.
