India’s Record-Breaking Push for Solar and Wind Energy

India is on track to connect a record 35 gigawatts (GW) of solar and wind energy to its grid by March 2025, marking a significant shift towards renewable energy. This move comes as the country works to achieve its 2030 clean energy goals after falling short of a 2022 renewable target.

Despite being one of the world’s fastest-growing major economies, India has relied heavily on coal in recent years to meet rising energy demands. Coal-fired power generation is expected to outpace renewable energy production this year. Solar energy growth, in particular, has slowed, with solar farms being developed at a slower pace. As a result, the first half of 2024 saw the slowest solar power growth in six years.

However, India—currently the world’s third-largest solar power producer—expects a significant turnaround in renewable energy starting this fiscal year. The country plans to add 30 GW of solar capacity and 5 GW of wind energy by March 2025. Already, in the first five months of this fiscal year, India added 10 GW of renewable energy, pushing the total renewable capacity to around 153 GW.

To meet its clean energy goals, India will need to accelerate its renewable capacity growth. The country still falls 13% short of its 2022 renewable energy pledge of 175 GW, a goal set during the 2015 UN climate talks in Paris. To reach the ambitious 2030 target of 500 GW of non-fossil power capacity, India will need to increase its renewable capacity by around 30% each year.

Financial backing for these renewable efforts is strong, with Indian financial institutions pledging $386 billion for clean energy projects by 2030. Additionally, key players in the Indian business sector, including Reliance Industries and Adani Green Energy, have committed to expanding their renewable energy portfolios. Reliance Industries plans to add 100 GW of renewable energy capacity by 2030, while Adani Green Energy aims to add 38.8 GW.

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