New Delhi: In a remarkable shift towards clean energy, India has leapfrogged Germany to become the world’s third-largest producer of electricity from wind and solar energy. This milestone reflects a significant growth in India’s solar power sector, with solar contributing 7% of the country’s electricity in 2024, more than doubling since 2021.
India’s journey towards becoming a renewable energy powerhouse is marked by several key developments. The country added 24 gigawatts of solar capacity in 2024, catapulting it to the third-largest market globally, after China and the US. This rapid expansion underscores India’s commitment to renewable energy, with solar power playing a central role in its clean energy transition.
Globally, renewables recorded a historic increase, adding 858 terawatt hours (TWh) of electricity in 2024. Solar power led this growth, becoming the largest source of new electricity for the third consecutive year. India’s clean energy mix is equally impressive, with clean sources accounting for 22% of its electricity generation. Hydropower contributes the most at 8%, followed by wind and solar, which together account for 10%.
The global energy landscape is witnessing a profound shift, with low-carbon sources providing 40.9% of the world’s electricity in 2024, marking the first time the 40% threshold has been crossed since the 1940s.
India’s renewable energy ambitions are ambitious, aiming for 50% of its installed electric power capacity to come from non-fossil fuels by 2030. However, achieving its goal of 500 GW of non-fossil fuel capacity by 2030 will require a substantial increase in funding. Without a 20% annual rise in investment, India risks falling short of this target, highlighting the critical need for sustained financial support to meet its renewable energy objectives.
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