India on track to achieve 500 GW renewable energy target by 2030: Pralhad Joshi
Union Minister for New & Renewable Energy Pralhad Joshi has said that India is on track to achieve the 500 GW renewable energy (RE) target by 2030 as investment commitments of Rs 32 lakh crore have been received. He said renewable energy project bids are out for a capacity of around 169 GW, and the country has crossed 223 GW of non-fossil-fuel capacity, including 103 GW solar and nearly 50 GW wind capacity.
The minister said that the government has come out with viability gap funding as far as offshore wind projects are concerned. He said ‘we have received a commitment of Rs 32 lakh crore investments. I am quite confident that this will be realised. He said the banks are also enthusiastic because anyone would look at profit and investing here is profitable’. He further said that a detailed workshop with CEOs and MDs of both private and public sector banks, and NBFCs and the heads was conducted recently to apprise them about opportunities in green project financing.
Meanwhile, as India accelerates its transition towards a sustainable future, its renewable energy (RE) sector has witnessed unprecedented growth. In 2024, the country made significant strides in solar and wind energy installations, policy advancements, and infrastructural improvements, setting the stage for ambitious targets in 2025. With a commitment to achieving 500 GW of non-fossil fuel-based energy capacity by 2030, India is emerging as a global leader in clean energy.
