A new report from Global Data says India will fall short of its 2030 renewable energy targets.
India has set an ambitious target of cutting its carbon emissions to 50% by 2030 and meeting 500GW domestic demand with renewable energy. India was also falling behind on its 2022 targets but the government has now given ‘renewable’ status to hydro electricity and also updated the roadmap of future hydroelectricity projects.
The Indian government is promoting wind energy by offering tax concessions on projects. India also has the benefit of falling in the solar belt, many states on the west and south-west end of the country are good spots for renewable energy.
“To achieve these targets, the country needs to add over 38 GW of renewable capacity annually during 2022-2030. Easing out approval processes, pre-identifying land spaces for the development of renewable power, enhancing the grid to be able to seamlessly connect renewable power plants, investing in battery storage and micro-grids in remote areas. As per the current market scenario and growth trend, India is likely to fall short of the 2030 target by over 104 GW.” said Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData.