India to achieve 175-GW RE target, but a bit late

New Delhi: Owing to the two devastating Covid waves, India has missed the target of 175-GW installed renewable energy (RE) capacity by 2022. However, the delay is not much, just seven-and-a-half months, in which period the capacity will actually exceed the target, official sources told Bizz Buzz.

India has made an international pledge that by 2030, 40 per cent of its installed power generation capacity shall come from clean energy sources. By the end of 2022, 175GW of renewable energy capacity was to be installed, including 100GW from solar, 60GW from wind, 10GW from biomass, and 5GW from small hydro power.

At present, a total of 188.01-GW capacity has either been installed or is under implementation and bidding. The Ministry of New & Renewable Energy has made all possible efforts to achieve the target of 175GW of installed renewable energy capacity by December 2022, but the corona waves and the ensuing disruptions caused delays, officials said. The projects have been granted an extension of seven and a half months for completion.

This delay, however, will have no impact on achieving 500GW of installed electricity capacity from non-fossil fuel sources by 2030, they said.

The Indian renewable energy sector is the fourth most attractive renewable energy market in the world, officials said. India was ranked fourth in wind power, fifth in solar power and fourth in renewable power installed capacity in 2020.

Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 15.92 per cent during 2016-22.