Centre Banks on India Inc. For Clean Energy Goals

India targets 500 GW renewable capacity—62% of total—by 2030. Largest groups Reliance, Tata and Adani have jumped in for the business opportunity. Can they turn around the renewables landscape?

- P.B. Jayakumar

WHILE INAUGURATING India’s largest floating solar project at Ramagundam in Telangana (100 MW) and a 92 MW floating solar project in Kerala’s Kayamkulam in July last year, Prime Minister Narendra Modi announced a new green energy target—175 gigawatt (GW) non-fossil fuel energy capacity before the end of 2022, the 75th year of India’s Independence.

Just a month later, the target was raised to 500 GW as Union Cabinet approved ‘Panchamrit’ or five commitments proposed by the PM. The new stretch target was to meet 50% energy requirements from renewable sources and reduce carbon emissions by one billion tonnes, all by 2030. The other two commitments were 45% reduction in economy’s carbon intensity by 2030 and ‘Net Zero’ carbon output by 2070.

The 175 GW challenge was easily achievable. Total renewable capacity, excluding small hydro and biomass, had reached 96,223 MW or 96.2 GW by end of FY22. The country had added 13.5 GW capacity in FY22, 128% higher than in FY21. Many projects that were delayed due to Covid-19 stalemate were nearing completion. About 60.66 GW were under construction by June-end, when the PM proposed the 175 GW target for 2022.

And India did achieve it. As of December 21, 2022, India’s non-fossil fuel power generation capacity increased to 173,142 megawatt or 173.1 GW, accounting for 42.3% of total power generation capacity of 409 GW.