Looking back to move ahead for clean energy transitions

The year 2022 has been favourable for Indian policymakers working towards a clean energy transition. This is despite the turbulent times with unpredictable climate events such as the extreme heat waves throughout the country and soaring energy demand and prices.

India’s power sector has undergone significant development through the increased penetration of renewable energy in the grid and the increasing presence of grid-connected distributed generation. 

India ranked third in the Renewable Energy Attractive Index, 2021 by Ernst & Young that analyses the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities

In terms of renewable energy installed capacity (including large hydro), India occupies the fourth position globally. India occupies the 4th position for wind and solar power, according to the report released by the Union Ministry of New and Renewable Energy in 2022. 

India is the second-largest market in Asia when it comes to new solar photovoltaic capacity additions,  and ranked third globally (around 13 gigawatts were added in 2021). Regarding the total installations, the subcontinent stood fourth with a capacity of around 60.4 GW, overtaking Germany, which had a total of around 59.2 GW.

In 2022, India’s total renewable energy installed capacity was 166 GW. 

The country has set a target to bring its carbon intensity to under 45 per cent by the end of the decade, achieve 50 per cent of its cumulative electric power installed capacity by 2030 and Net Zero emissions by 2070. Low-carbon applications could create a market share of about $80 billion in India by 2030.

In the Climate Change Performance Index 2023, India occupies eighth position.