India Targets 500GW Renewable Energy Capacity by 2030
PM Modi emphasizes the importance of clean energy investments in mitigating the impact of the West Asia crisis on India's economy.
India aims to achieve 500GW of non-fossil energy capacity by 2030.
The country has already installed nearly 300GW of non-fossil power, over 50% of its total capacity.
Investment opportunities in India's clean energy sector could exceed $220 billion by 2030.
During the inauguration of the Bharat Renewable Energy Summit at Bharat Mandapam, Prime Minister Narendra Modi announced that India is targeting a significant expansion in its renewable energy capacity, aiming for 500GW of non-fossil energy by 2030. He highlighted that India's economy has remained resilient despite the ongoing crisis in West Asia, attributing this stability to the nation's investments in clean energy over the past decade.
Modi pointed out that the current energy crisis has underscored the critical relationship between energy security and economic stability. He stressed that nations must reduce their reliance on fossil fuels to avoid repeated disruptions in the global economy. The Prime Minister noted that India has already achieved nearly 300GW of installed non-fossil power capacity, representing more than half of the country's total energy capacity.
The clean energy sector in India is poised for substantial growth, with potential investment opportunities exceeding ₹20 lakh crore (approximately $220 billion) by the end of the decade. Over the last ten years, more than ₹15 lakh crore (around $164 billion) has been invested in this sector, including ₹6 lakh crore ($63 billion) in just the past two years. Modi described this as a new horizon of opportunities for investors in India's clean energy landscape.
In his address, Modi also introduced initiatives aimed at integrating solar energy into everyday life, such as the PM Surya Ghar Muft Bijli Yojana and PM-Kusum. He encouraged farmers to adopt solar energy solutions, suggesting they could transform from mere consumers of energy to producers by installing solar panels on their land. He urged farmers to embrace the idea of becoming 'Urjadata' (energy producers) rather than just 'Annadata' (food providers).
Furthermore, Modi called for innovations in cooking solutions that utilize rooftop solar power, aiming to decrease dependence on imported cooking gas. He also advocated for the increased use of electric vehicles, suggesting that households could charge these vehicles using solar energy generated from their rooftops. The Prime Minister's vision for India's energy future emphasizes sustainability and self-reliance, setting a clear path for the nation's energy transition.
