Propelled by rapid expansion in its renewable fuel capacity, India is well on track to achieve its target of net-zero emissions by 2070
According to the POWERup report published by the Institute of Energy Economics and Financial Analysis (IEEFA), at 13.7 gigawatts, renewables accounted for a significant 71.5 percent of all the power capacity added by India in the first quarter of 2024, a remarkable achievement that signals a promising future for the country's energy sector.
The renewable push, led by solar (62.1 percent) and wind (8.4 percent), propelled the country's total power generation capacity to nearly 442 gigawatts (GW) by the end of March. This significant increase is a testament to the positive impact of solar and wind energy on India's energy landscape, instilling hope for a greener future.
In the meantime, the country's nuclear capacity increased too, with the commissioning of Unit 4 (700 MW) of the Kakrapar Atomic Power project in Gujarat in March, the agency said.
However, as in China, there was no let up in the addition of coal-fired power production, with the country adding 3,193 megawatts in Jharkhand, Tamil Nadu, Uttar Pradesh and Telangana during the first quarter.
IEEFA noted this addition as "one of the highest in recent quarters." Despite this, however, the accelerated growth in the renewables sector pushed coal's share of the total power capacity to under 50 percent for the first time, well ahead of the targeted 2030. India is likely to boost its power generation capacity from all sources until it meets its growing electricity demand, the agency said.
The use of coal in the power sector is declining globally. The G7 energy ministers agreed to phase out unabated coal power generation by 2035. India's solar capacity has leapt forward, and the country is well-set to achieve its net-zero goals on time. Solar energy is the fastest-growing electricity source globally, with three-quarters of the growth occurring in China, the US, Brazil, and India.