Renewables 2023 is the IEA’s primary analysis on the sector, based on current policies and market developments. It forecasts the deployment of renewable energy technologies in electricity, transport and heat to 2028 while also exploring key challenges to the industry and identifying barriers to faster growth.
As per IEA, India is forecast to add 205 GW over 2023-2028, doubling 2022’s cumulative installed capacity, making it the world’s third-largest market for renewables. The announcement of higher auction volumes, the introduction of a closed-envelope bidding process for wind, improvements in grid-access rules for commercial distributed PV, the settlement of majority of overdue payments to the generators led to 3% upward forecast revision. Undertaken actions are expected to help India advance towards its goal of installing 500 GW of non-fossil-based capacity by 2030.
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Source: IEA