India advancing towards non-fossil capacity goal: IEA

There is a real chance that countries that signed off on tripling global renewable energy capacity by 2030 at the COP28 climate conference last month will actually do so, the International Energy Agency said on Thursday, specifically pointing out that India, for its part, is expected to meet its goal of installing 500 GW of nonfossil based capacity by 2030 through a set of actions that will bolster renewable energy generation further, 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, IEA said in its report "Renewables 2023."

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Along the way, in early 2025, renewable energy will overtake coal to become the largest energy source for electricity generation globally. In 2024, variable renewable generation is likely to surpass hydropower.

An increase in the capacity of auctions through which renewable projects are alloted, the introduction of a closed-envelope bidding process for wind, improvements in grid-access rules for commercially distributed solar power, and the settlement of majority of overdue payments to the generators has led to the 3% upward forecast revision in India's installed renewable capacity, the IEA report explained.