India's Renewable Energy Growth in 2024: A Year of Exceptional Progress

The year 2024 has been a transformative period for India's renewable energy sector, as highlighted by the Ministry of New & Renewable Energy (MNRE). With a record-breaking 28.59 GW of renewable energy capacity added between January and December, the country has solidified its position as a global leader in the green energy transition. This feat demonstrates a milestone in which efforts of different stakeholders, namely the policymakers, the private players, and technological innovators who joined hands toward building up a sustainable future. It proceeds to explicate the pivotal mileposts, contributions of individual sectors, and moving forces behind such outstanding achievement.

  Solar Power Stitches Ahead

Solar power was the major driver of India's renewable energy growth in 2024. An astonishing 24.45 GW of solar capacity was added in the year, a huge leap from the 10 GW added in 2023. Year-on-year growth is a sign of increasing efficiency in the adoption of solar technology, enhanced tender activities, and government commitment to boost clean energy.

India has largely enjoyed a low cost due to decreasing prices for solar modules, new avenues for financing and even big Government programmes like Solar Park Scheme. A goal as lofty as attaining 280 GW by 2030 of solar power by the end seems nearer and clearer since the nation still has room for record installation levels of solar systems. Also, roof top schemes are getting picked up where one gets decentralized source of energy as well as empowering consumer actively involved in clean energy.

Renewal in Wind Energy

Wind energy, too, has regained its pace in 2024, with the addition of new capacity to the tune of 3.42 GW. The figures have improved in comparison to last year, with renewed focus and investment in the sector. There has been improved policy support through hybrid policies involving wind and solar, as well as repowering old wind turbines.

With integration with battery storage systems, wind energy has further enhanced its reliability and has emerged as an important constituent of India's renewable energy mix. With the start of offshore wind projects, the sector is likely to see significant growth in the next few years. The growing momentum in wind energy aligns with India's overall renewable energy strategy and cements the country's commitment to a diversified energy portfolio.

Cumulative Renewable Energy Capacity

India's cumulative renewable energy capacity, excluding large hydro, reached 162.47 GW by the end of December 2024, up from 133.88 GW in December 2023. Yearly, this growth means around a nearly 21.4% increment and indicates that it is on track to achieving the renewable energy vision.

Renewable energy now constitutes a significant share of the country's total installed power capacity. This is the success of schemes such as the National Solar Mission, KUSUM Scheme for solar pumps, and accelerated tariff-based competitive bidding processes that have made renewable energy adoption seamless.

Other Renewables

Except for solar and wind, other segments of renewable energy also grew at a modest but impactful pace:

Biomass Cogeneration: Contributed 466 MW, which demonstrates the sector's ability to utilize agricultural and industrial waste as sources of clean energy.

Small Hydro Power: Contributed 113 MW, indicating its importance in providing energy to remote areas and reducing dependence on conventional fuels.

Waste-to-Energy Projects: Contributed 37 MW, showing how innovative waste management solutions can contribute to the energy transition.

These contributions highlight the sector's diversity and the country's holistic approach towards renewable energy development. Tapping into various sources of renewable, India has ensured energy security and reduced carbon footprint simultaneously.

Key Growth Drivers in 2024

A combination of several factors has fueled this remarkable expansion in India's renewable energy sector during 2024:

Increased Tender Activity : Aggressive tenders by state and central agencies attracted significant investment and participation in the private sector. SECI as well as other state governments played their role in huge project auctions thereby ensuring competitive prices and robust implementations.

Market Expansion: Increased market opportunities led to the entry of new players and innovative solutions. International collaborations and foreign direct investment (FDI) further strengthened the market, bringing in advanced technologies and expertise.

Sectoral Momentum: A combination of policy support, technological advancement, and favorable economic conditions made sure that steady progress goes on across segments in the area of renewable energy. The Green Energy Corridor project has augmented the grid infrastructure, thereby enabling easy integration of renewable energy into the national grid.

Corporate Participation: Large corporate houses and industrialists have taken to renewable energy as part of their sustainability goals. Private sector demand, mainly through PPAs with renewable energy developers, has driven capacity additions significantly.

Community Engagement: Grassroots initiatives and awareness campaigns have fostered community participation, especially in decentralized renewable energy projects. Programs that promote rooftop solar installations and bioenergy projects have empowered local stakeholders to be more active participants in the energy transition.

A Brighter Future Ahead

India's performance in 2024 not only solidifies it as a leader in renewable energy but also puts in place a superb launchpad to achieve its ambitious climate goal. The country's renewable energy path is consistent with its commitment to achieving the goals of the Paris Agreement and a long-term target of net-zero emissions by 2070.

This growth trend will be supported by the continued focus on diverse renewable energy sources, supportive policies, and market mechanisms. Advancements in green hydrogen and energy storage technologies will complement existing renewable energy efforts, opening new avenues for decarbonization.

As the world looks forward toward a sustainable future, Indian success in the year 2024 can be cited as an example of strategic action and commitment toward renewable energy. Through a robust policy framework, innovative solutions, and active participation from all stakeholders, the country is best set to lead global energy transition in the years to come.

Source: mnre.gov.in