As India continues to grow, so does our energy demand. But with the country’s ambitious goal to become carbon neutral by 2070, the focus has shifted to renewable energy sources. The government has announced plans to increase renewable energy capacity from 140 GW to 450 GW by 2030.
Key Developments:
The government has set up a target to produce 40% of the country’s electricity from non-fossil fuels by 2030. To achieve this, the government has launched various initiatives such as the National Solar Mission and the National Wind-Solar Hybrid Policy.
The country has also seen a significant increase in the installation of solar and wind power projects. In the last fiscal year, the country added over 15 GW of solar power capacity, taking the total to over 50 GW.
Experts believe that India’s renewable energy sector has the potential to create millions of jobs and stimulate rural economies. However, they also warn that the sector faces several challenges, including high upfront costs and lack of infrastructure.