India Aims for 1,800 GW Renewable Energy Capacity by 2047 and 500 GW by 2030, Says Pralhad Joshi

India is setting its sights on a significant renewable energy milestone, aiming for 1,800 GW capacity by 2047. This goal aligns with the Viksit Bharat@2047 vision, marking the nation's centenary of independence. Union Minister Pralhad Joshi shared this ambition during the India Energy Transit Summit. He emphasised that while the 2030 target of 500 GW is crucial, the focus is now on the long-term vision for 2047.

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The minister highlighted that under Prime Minister Narendra Modi's leadership, a comprehensive roadmap for 2047 has been established. "We will definitely achieve 500 GW capacity by 2030, that is for sure," he stated. The government is committed to reaching an installed non-fossil capacity of 1,800 GW by 2047. This ambitious plan reflects India's dedication to sustainable energy development.

Renewable Energy Growth and Solar Initiatives

Joshi noted that India's renewable energy capacity has seen remarkable growth. From 75.52 GW in March 2014, it has surged to 220 GW today, marking a nearly 200% increase. He mentioned that India has almost reached 100 GW in solar capacity alone. The country aims to add around 50 GW of new capacity annually in the coming years.

The PM SuryaGhar Yojana is another key initiative, targeting one crore solar rooftop installations. Joshi acknowledged that while the scheme initially faced challenges, it has gained momentum with bankers now providing financial support. So far, India has achieved 8.5 lakh solar rooftop installations under this programme.

Financial Support and Future Plans

Financial Services Secretary M Nagaraju discussed the financial aspects of achieving the renewable energy targets. He stated that public sector banks could finance approximately Rs 10 lakh crore towards the 500 GW target by 2030. However, an additional Rs 23 lakh crore will need to be sourced from other institutions to meet the total requirement of Rs 33 lakh crore.

Joshi reiterated that the government's short-term plan focuses on achieving the 500 GW target by 2030. However, the long-term vision extends to achieving a substantial renewable energy capacity by 2047. This dual approach ensures both immediate progress and future sustainability in India's energy sector.

India's journey over the past decade in renewable energy has been transformative, as noted by Joshi. The country's commitment to expanding its renewable energy infrastructure demonstrates a strong dedication to reducing reliance on fossil fuels and promoting sustainable development for future generations.