RESURGENCE FOR RENEWABLE ENERGY MIX

In line with the targets set at COP28, India is gearing up to accelerate its renewable energy capacity with a goal to surpass 500 GW by 2030

- Srivatsan lyer

AS WE LOOK BACK on 2023, there have been several positive developments in growing India’s renewable energy (RE) capacity, en couraging the development of local supply chain for key components of RE, and finally, spurring growth of new technologies, like BESS and green hydrogen.

The year witnessed the rollout of key initiatives, such as the commitment from the central government to bid out 50 GW of renewable energy capacity annually until FY2028, including a minimum of 10 GW of wind power, approval of Rs 3,670 crore for the development of 4,000 MWh of battery energy storage systems (BESS) to further strengthen the integration of renewables into the power infrastructure, allocation of total capacity of 39.6 GW for domestic solar PV module manufacturing, and rollout of the National Green Hydrogen Mission with a budget of ₹19,744 crore, aimed at producing 5 million metric tonne of green hydrogen annually by 2030.