India has made remarkable strides in the realm of solar energy, surpassing Japan to become the world’s third-largest solar power generator in 2023. This achievement is highlighted in a recent report by the global energy think tank, Ember. The rapid expansion of solar energy in India has catapulted the nation to third place in the world rankings.
According to the report, solar power contributed to 5.8% of India’s total energy production last year. This surge in clean electricity not only reduces the carbon footprint but also meets the rising energy demand. Furthermore, it aids in decoupling economic growth from emissions, which is crucial for tackling climate change.
India’s Solar Energy Journey
India registered the fourth-largest increase in solar generation in 2023, only behind China, the United States, and Brazil. The country has been a strong advocate for the adoption of renewable energy sources, with Prime Minister Narendra Modi being a vocal proponent of clean energy. He played a pivotal role in launching the International Solar Alliance (ISA) in 2015, a treaty-based alliance of countries rich in solar resources.
The goals of the ISA include creating a leadership role in climate action and mobilising $1 trillion by 2030 for affordable solar energy.
India’s Achievements in Solar Energy
India’s achievements over the years have been remarkable:
Interview with Mr Ranji Gupta, CEO of Oor Energy
To delve deeper into India’s solar energy journey, we spoke with Mr. Ranji Gupta, CEO of Oor Energy. Mr. Gupta shared his insights on India’s rise from the ninth to the third largest solar power generator in the world.
Mr. Gupta described India’s journey as nothing short of spectacular. Having been in the renewable energy sector for the last 14 years, he witnessed the exponential growth firsthand. He mentioned that when he started his first renewable energy venture, achieving 300 megawatts of capacity was considered a significant milestone. Today, individual projects are achieving this capacity, showcasing remarkable progress.
Public-Private Partnerships in Renewable Energy
Mr. Gupta also discussed the scope of public-private partnerships in renewable energy. He emphasised the importance of collaboration between the public and private sectors, particularly in newer technologies like green hydrogen and green ammonia. He noted that most of the energy produced, whether solar, wind, or hydro, is bought by state distribution companies through long-term power purchase agreements. This collaboration is crucial for reducing electricity prices.
India’s Renewable Energy Policy
Mr. Gupta highlighted the salient features of India’s renewable energy policy, driven by the vision of Prime Minister Narendra Modi. In 2014, the Prime Minister set a target of 175 gigawatts by 2022, which seemed ambitious at the time. This target was later upgraded to 500 gigawatts by 2030. India has already met its key Nationally Determined Contributions (NDCs) from 2015 to 2019-2020, which included achieving 40% capacity of renewable energy and reducing emissions by 33% from 2005 levels by 2030. These targets were further upgraded at COP 26.
India’s policy also includes conducting renewable energy auctions, with 50 gigawatts of auctions conducted across the country in 2023-2024. This is a direct result of the vision to achieve 500 gigawatts by 2030.
Lessons for Other Countries
Mr. Gupta concluded by discussing how other countries can learn from India’s renewable energy journey. He highlighted the importance of standardised policies, a consistent regulatory framework, and innovative concepts like reverse auctions. India’s approach to creating a central grid with one frequency across the nation and moving from feed-in tariffs to auction regimes has made a significant impact.
By following India’s path, other countries can drive down energy prices and achieve similar success in renewable energy.
Conclusion
In conclusion, India’s rise as the third largest solar power generator in the world is a testament to its commitment to renewable energy and climate action. The country’s achievements in solar energy, driven by visionary leadership and innovative policies, serve as a model for other nations striving to combat climate change and achieve sustainable development.