India Aims High: 50 GW Renewable Energy Target Set for Next 5 Years To Achieve 500 GW By 2030

Noida: The Narendra Modi -led government at the Centre has set a target of adding 50 gigawatts (GW) of renewable energy capacity every year for the next five years, with the goal of reaching 500 GW of electricity by 2030. This goal is part of India's climate action plan, which includes reaching 500 GW of non-fossil energy capacity by 2030, among other targets. The government's target is considered ambitious, but achievable, as India has made significant progress in renewable energy in recent years. The growth of the electric vehicle and battery manufacturing sector is expected to play a crucial role in achieving this target, with investments of Rs 30.5 lakh crore expected in the next five years, creating jobs for thousands of young people.

The managing director of the Informa Markets in India, Yogesh Mudras, said, while talking to journalists here on the occasion of the inauguration of the 17th edition of Renewable Energy India (REI) Expo and the second Battery Show India organized in Greater Noida. “The Renewable Energy India Expo 2024, alongside The Battery Show India, highlights the nation’s progressive alignment with its COP26 commitments, reflecting India's dedication to reducing carbon emissions and increasing renewable energy,” Mudras stated.

“With a goal to reduce carbon intensity by 45 per cent by 2030, the expo highlighted the critical role of renewables. Key advancements include the approval of 50 solar parks with a total capacity of 37.49 GW, alongside ambitious targets of producing 5 million tons of green hydrogen and achieving a 30 GW offshore wind energy capacity by 2030,” Mudras emphasized.

It is being said that the non-fossil fuel-based capacity is projected to increase to 349 GW (57.3 per cent) in 2026-27 and 500.6 GW (64.4 per cent) in 2029-30.

India's Green Transformation Likely to Impact Employment Opportunities

According to the review, India's green transformation is likely to have a significant impact on employment opportunities in the renewable energy sector. It said, "Clean energy initiatives can create about 34 lakh jobs (short term and long term) by achieving 500 GW of non-fossil power generation capacity by installing 238 GW of solar and 101 GW of new wind power capacity by 2030."

“The Battery Show India spotlighted the country’s growing battery storage market, which is set to expand by 47 GW by 2031-32. India’s strides in domestic lithium-ion battery production were particularly noteworthy, with production capacity expected to reach 150 gigawatt hours by 2030, covering 13 per cent of total cell demand. These developments, showcased at the events, demonstrate the shows’ influence and India’s commitment to a sustainable and resilient energy ecosystem”, Mudras further added.

The grand inauguration was held in the presence of Rajasthan Minister Heera Lal Nagar along with Additional Chief Secretary of Madhya Pradesh Manu Srivastava and others. At the event, Minister Nagar said, “Rajasthan plays a pivotal role in driving India’s renewable energy ambitions, contributing significantly towards the nation's 500 GW target, set by our Prime Minister. With its expansive desert areas now harnessed for solar and wind power, Rajasthan has transformed its geographic challenges into an energy boon.”

Manu Srivastava said, “India’s renewable energy sector has made tremendous strides, with the Rewa, Madhya Pradesh project marking a key moment by reducing solar energy costs below coal without subsidies. Now, the focus is on proving that solar plus storage can outperform thermal power in cost-effectiveness.

Globally, electricity’s share in final energy demand is projected to rise from 20 per cent to 31 per cent by 2050, and in a net-zero scenario, it must exceed 50 per cent. For India, developing both its fossil fuel and electric economies is critical to meet rising demand. Shifting agricultural power to daytime and offering discounts for daytime energy usage further optimize solar power deployment.

As per reports, India's role in the global energy transition is becoming increasingly prominent as its economy has overtaken the UK, surpassed France, and is on track to overtake major markets like Germany and Japan within the next five to ten years. With a GDP growth of 7 per cent and power demand rising by over 8 per cent this year, India is now the third-largest power market globally, and its energy demand is set to triple by 2050, making it a critical investment destination.

Renewables are expanding rapidly, with over 200 GW of solar and wind capacity expected by 2030. India's emergence as the second-largest solar module manufacturer, exporting to key global markets, highlights its potential. However, 70 per cent of India's power still comes from coal, with 50 GW of coal and 10 GW of nuclear power expected by 2030.

In a net-zero scenario, electrification would need to exceed 50 per cent, a crucial focus for India as it balances its development of fossil fuel and electric economies in parallel to meet its growing energy demands. The country must address challenges in energy storage, grid infrastructure, and renewable deployment, while leveraging its domestic market and global partnerships to drive a low-carbon future.

It was observed at the event that the year 2023 marked an unprecedented climate milestone, for the first time, global surface temperatures exceeded 2°C above pre-industrial levels for several days. Furthermore, more concerning is that greenhouse gas emissions have not yet peaked, indicating that global temperatures will continue to rise for decades. In response to these challenges, there is a growing global focus on energy transition. India is at the forefront of this transition, with estimates from Bloomberg India suggesting that by 2030, the country will have more solar and wind projects than coal power plants.

The intermittency of renewable energy presents a significant challenge, making battery energy storage systems (BESS) essential for ensuring grid stability and enhancing renewable integration. Global energy demand is projected to triple, increasing from 1.8 terawatt hours to over 5 terawatt hours by 2050, primarily due to advancements in storage technology.

Batteries play a crucial role not only in the power sector but also in transportation. India’s electric mobility sector is growing rapidly, with major automakers establishing battery assembly plants and leveraging the Production Linked Incentive (PLI) scheme to create 50 gigawatt hours of battery manufacturing capacity. Demand for lithium-ion batteries is anticipated to rise from 10 gigawatt hours today to 200 gigawatt hours by 2035, fueled by the electric vehicle market and grid-scale storage needs. The synergy between Renewable Energy India and The Battery Show India catalyze achieving interim energy transition goals, and will accelerate the momentum towards a greener future.”

This year’s edition of Renewable Energy India Expo made a significant impact with the participation of over 700 exhibitors, representing a diverse blend of domestic and international stakeholders, including key delegations from Germany and the Middle East. Showcasing more than 850 brands, the event attracted an impressive turnout of over 50,000 trade visitors. 

A highlight of the event was the “Advantage Rajasthan ” session, led by Rajasthan’s Minister of Energy, Heera Lal Nagar, along with key sessions including discussions on India’s ambitious renewable energy targets, Developing India’s Clean Hydrogen Ecosystem, Advancing Renewable Energy through Innovative Testing Solutions, India's Strategic Contribution to the Global Clean Hydrogen Ecosystem, Navigating the Speed Bumps on India's Clean Power Journey, and Strengthening renewable climate milestones to decarbonize the Indian Economy to Net-Zero by 2070 among others.

Alongside the REI Expo, The Battery Show India 2024 showcased over 300 brands, featuring 75 distinguished speakers and attracting more than 15,000 visitors across the value chain.