New Delhi: India has achieved a significant landmark in its clean energy transition, with non-fossil fuel sources now accounting for 50% of the nation’s total installed electricity capacity, which stands at 484.8 GW. This monumental accomplishment comes five years ahead of its Paris Agreement target, underscoring the country’s rapid and committed shift towards sustainable energy solutions.
The accelerated pace of this transition is attributed to robust policy support and a steadfast focus on green initiatives. As a crucial financial enabler, the Indian Renewable Energy Development Agency Ltd. (IREDA) has played an indispensable role in facilitating this green transformation through strategic financing, impactful partnerships, and unwavering support to clean energy developers.
Pradip Kumar Das, Chairman and Managing Director (CMD) of IREDA, reiterated the agency’s commitment to India’s green shift. “This historic achievement is a testament to India’s dedication to a sustainable future,” stated Shri Das.
“IREDA is proud to be a financial catalyst in this journey, continuously enabling the deployment of renewable energy projects across the nation. We will continue to innovate in green finance and work closely with developers and stakeholders to ensure a seamless and rapid expansion of our clean energy portfolio.” Shri Das has consistently emphasized the importance of innovative financing mechanisms, particularly for emerging renewable energy technologies like Green Hydrogen, Green Ammonia, E-Mobility, and Offshore Wind.
Echoing the sentiment of success and gratitude, Shri Santosh Sarangi, Secretary, Ministry of New and Renewable Energy (MNRE), expressed profound thanks to Prime Minister Narendra Modi for his visionary leadership. “This significant achievement is a direct outcome of our Hon’ble Prime Minister, Shri Narendra Modi ji’s long-term vision and unwavering commitment to climate action,” stated Shri Sarangi. “His ambitious goals, articulated in various forums including the ‘Panchamrit’ pledges at COP26, have provided the clear roadmap and impetus for India’s accelerated green energy transition. The Prime Minister’s emphasis on sustainable development and his initiatives like PM-KUSUM and PM Surya Ghar: Muft Bijli Yojana have truly propelled us to exceed our national and international commitments.”
This milestone highlights India’s proactive approach to addressing climate change while simultaneously ensuring energy security and fostering economic growth. The rapid expansion of solar and wind power, tripling India’s installed renewable energy capacity since 2014, is a clear indicator of the success of these concerted efforts. As India continues to set ambitious targets, including 500 GW of non-fossil electricity capacity by 2030 and achieving net-zero emissions by 2070, the nation solidifies its position as a global leader in the clean energy transition among developing nations.