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

Noida: Narendra Modi -led government at Centre has set a target of ding 50 gigawatts (GW) of renewable energy capacity every year for next five years, with 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 or targets. government's target is considered ambitious, but achievable, as India has me significant progress in renewable energy in recent years. growth of 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 next five years, creating jobs for thousands of young people.

managing director of Informa Markets in India, Yogesh Mudras, said, while talking to journalists here on occasion of inauguration of 17th edition of Renewable Energy India (REI) Expo and second Battery Show India organized in Greater Noida. “ Renewable Energy India Expo 2024, alongside Battery Show India, highlights 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, expo highlighted critical role of renewables. Key vancements include 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 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 review, India's green transformation is likely to have a significant impact on employment opportunities in 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."

“ Battery Show India spotlighted 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. se developments, showcased at events, demonstrate shows’ influence and India’s commitment to a sustainable and resilient energy ecosystem”, Mudras furr ded.

grand inauguration was held in presence of Rajasthan Minister Heera Lal Nagar along with ditional Chief Secretary of Mhya Presh Manu Srivastava and ors. At event, Minister Nagar said, “Rajasthan plays a pivotal role in driving India’s renewable energy ambitions, contributing significantly towards 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 me tremendous strides, with Rewa, Mhya Presh project marking a key moment by reducing solar energy costs below coal without subsidies. Now, focus is on proving that solar plus storage can outperform rmal 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 furr optimize solar power deployment.

As per reports, India's role in global energy transition is becoming increasingly prominent as its economy has overtaken UK, surpassed France, and is on track to overtake major markets like Germany and Japan within 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 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 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. country must dress 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 event that year 2023 marked an unprecedented climate milestone, for first time, global surface temperatures exceeded 2°C above pre-industrial levels for several days. Furrmore, more concerning is that greenhouse gas emissions have not yet peaked, indicating that global temperatures will continue to rise for deces. In response to se challenges, re is a growing global focus on energy transition. India is at forefront of this transition, with estimates from Bloomberg India suggesting that by 2030, country will have more solar and wind projects than coal power plants.

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 vancements in storage technology.

Batteries play a crucial role not only in power sector but also in transportation. India’s electric mobility sector is growing rapidly, with major automakers establishing battery assembly plants and leveraging 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 electric vehicle market and grid-scale storage needs. synergy between Renewable Energy India and Battery Show India catalyze achieving interim energy transition goals, and will accelerate momentum towards a greener future.”

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

A highlight of event was “vantage 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, vancing Renewable Energy through Innovative Testing Solutions, India's Strategic Contribution to Global Clean Hydrogen Ecosystem, Navigating Speed Bumps on India's Clean Power Journey, and Strengning renewable climate milestones to decarbonize Indian Economy to Net-Zero by 2070 among ors.

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