During 2021-22, India’s total renewable energy installed capacity (excluding hydro power above 25 MW) has reached over 116.4 GW with 1.7 GWh of electrical energy generation.
Meanwhile, the total installed power capacity of utilities and captive power plants was 482.2 GW on March 31, 2022 as compared to 460.7 GW on March 31, 2021, up by 4.7 per cent. India is well on its way to fulfilling its commitments with the share of renewables in overall installed capacity growing at a fast pace as a result of the various government initiatives. As on September 30, 2022, the government has sanctioned the entire target capacity of 40 GW for the development of 59 solar parks in 16 states. Indian Railways has reoriented its energy demand towards greater use of renewable sources. As of November 2022, plants generating about 143 MW of solar power (both on rooftops and on land) and about 103 MW of wind power have been commissioned. Other important incentives for renewable power generation include hydropower purchase obligation within non-solar renewable purchase obligation.
In August 2022, the country updated the nationally determined contributions in line with the vision expressed in the 26th meeting of the Conference of Parties of UNFCCC. India has already achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030, and has advanced the target to 50 per cent. The National Hydrogen Mission and Green Hydrogen Policy have been introduced to enable India to be energy independent by 2047. Its pivotal role is also reflected in India’s long term low emissions development strategy. The availability of adequate and affordable finance was a constraint in India’s climate actions. The country has scaled up its efforts towards mobilising private capital, including through sovereign green bonds for which a framework has been issued. The Economic Survey 2022-23 also notes that India is progressively becoming a favoured destination for investment in renewables. As per the Renewables 2022 Global Status Report, during the period 2014 -2021, total investment in renewables stood at $78.1 billion in India. Investment in renewable energy has been close to or higher than $10 billion per year since 2016, except for a dip in 2020 likely due to various Covid-19 restrictions.