According to the latest global electricity survey of 80 countries published by the Ember think tank, India now occupies third place in the world regarding solar power generation, behind China in first place and the United States in second place.
In 2023, solar growth in India accounted for as much as 5.9 per cent of global solar growth.
The Institute for Energy Economics and Financial Analysis (IEEFA) has published a report on new energy capacity in India for the first quarter of 2024. According to the POWERup report, India added a record 13,669 megawatts to its energy mix from January to March this year, and renewable energy sources accounted for as much as 71.5 per cent of all new capacity.
Solar projects dominated among renewable energy sources with 62.1 per cent of new energy capacities, i.e. 8495 MW.
Wind energy accounted for 8.4 per cent of added capacity in the first quarter of 2024, while the country also expanded its nuclear capacity by 700 MW.
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Investments in renewable energy sources decreased by 58.9 per cent compared to the first quarter of 2023. Still, the Indian government has confirmed that the RES sector will attract investments worth about 16.5 billion dollars.
India intends to add 40.7 GW of new renewable or nuclear power to its energy mix each year to achieve 500 GW of non-fossil capacity by 2030.
In 2023, India relied on fossil fuels to produce 78 per cent of its electricity, ranking as the world’s third-largest emitter in the energy sector. However, its per capita emissions were below the global average.
Although coal capacity also increased in the first quarter of 2024, the overall share of coal in India’s energy mix fell below 50 per cent for the first time. The Indian government intends to maintain this trend so that in 2030, electricity production from fossil fuels will not exceed 50 per cent.
