India Ranks 4th Globally in Renewable Energy Capacity, Shows Massive Growth Since 2014

RENEWABLES
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AuthorWhalesbook News Team|Published at:
India Ranks 4th Globally in Renewable Energy Capacity, Shows Massive Growth Since 2014
Overview

India is now the world's fourth-largest nation in renewable energy capacity, reaching 257 GW, a significant increase from 81 GW in 2014. Solar power capacity has grown from 2.8 GW to 128 GW, and solar manufacturing has also seen a substantial boost. India is recognized globally as an energy transition powerhouse and has achieved its climate targets ahead of schedule.

Union Minister Pralhad Joshi announced that India has become the fourth-largest country globally in renewable energy capacity, with a total of 257 Gigawatts (GW). This represents a threefold increase from the 81 GW capacity recorded in 2014. Addressing the 8th session of the International Solar Alliance Assembly, he highlighted the remarkable surge in solar power capacity, which has expanded from a mere 2.8 GW in 2014 to 128 GW presently.

Manufacturing capabilities have also seen exponential growth. Solar module manufacturing capacity has increased from 2 GW to 110 GW, and solar cell manufacturing has risen from zero to 27 GW.

Under the leadership of Prime Minister Narendra Modi, India has achieved its Nationally Determined Contribution target of sourcing 50% of its capacity from non-fossil sources, a full five years ahead of the deadline. India's renewable energy tariffs, including solar, solar-plus-battery, and green ammonia, are among the lowest globally, showcasing the nation's ability to combine scale, speed, and skill to make clean energy affordable.

The International Energy Agency projects India to become the world's second-largest renewable market, and the International Renewable Energy Agency recognizes India as an 'energy transition powerhouse'. The Climate Change Performance Index also ranks India among the top performers. Notably, India is the sole G20 nation to have met its 2030 renewable energy targets as early as 2021.

India now ranks third globally in the growth of power generation capacity over the past five years. Despite having one of the lowest per capita emissions and energy consumption globally, India's commitment to a clean energy transition is considered remarkable.

The minister also mentioned India's USD 25 million contribution to the Africa Solar Facility under the International Solar Alliance, aimed at supporting investments in mini-grids and distributed renewables across Africa, reflecting a commitment to equitable growth within the Global South.

Impact: This news significantly impacts the Indian stock market by boosting investor confidence in the renewable energy sector, attracting foreign direct investment, and signaling strong government support for clean energy initiatives. It enhances India's global standing in climate action and energy security, potentially leading to increased valuations for companies in the renewable energy value chain, from manufacturing to power generation. The commitment to global equity through initiatives like the Africa Solar Facility also positions India as a leader in international climate finance and diplomacy. Impact Rating: 9/10.

Difficult Terms:

  • Renewable Energy: Energy derived from natural sources that are replenished at a higher rate than they are consumed, such as solar, wind, and hydropower.
  • GW (Gigawatt): A unit of power equal to one billion watts, used to measure large-scale energy production or capacity.
  • Nationally Determined Contribution (NDC): A climate action plan submitted by each country under the Paris Agreement, outlining its commitments to reduce greenhouse gas emissions and adapt to climate change.
  • Non-fossil sources: Energy sources that do not originate from the burning of fossil fuels like coal, oil, or natural gas; this includes renewables and nuclear energy.
  • Solar Module: A collection of solar cells electrically connected and packaged into a frame to form a photovoltaic panel.
  • Solar Cell: The basic component of a solar module that converts sunlight directly into electricity through the photovoltaic effect.
  • Green Ammonia: Ammonia produced using renewable energy sources, making its production process carbon-neutral.
  • Per Capita Emissions: The average amount of greenhouse gases emitted per person in a country or region.
  • Per Capita Energy Consumption: The average amount of energy consumed per person in a country or region.
  • Global South: A term often used to refer to developing countries, typically located in Africa, Asia, and Latin America.
  • Mini-grids: Localized energy grids that can operate independently or connect to a larger grid, often used to provide electricity to remote areas.
  • Distributed Renewables: Renewable energy systems that are located at or near the point of consumption, such as rooftop solar panels.
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