India’s non-fossil fuel capacity to triple by fiscal 2030: CRISIL

Non-fossil fuel capacity: India is poised to significantly increase its non-fossil fuel capacity, aiming for a threefold expansion by fiscal 2030, according to the latest plans, a report by CRISIL showed on Wednesday. The move is part of the country's commitment to reducing emission intensity in GDP by 45 per cent compared to 2005 levels. Forecasts suggest that the installed capacity will experience an 86 per cent growth from 416 GW in fiscal 2023 to 770-780 GW by fiscal 2030, with non-fossil fuel sources constituting approximately 90 per cent of this additional capacity.Renewable sources, excluding hydro, are anticipated to witness a robust addition of 310-320 GW by fiscal 2030, reflecting an 18 per cent compound annual growth rate (CAGR) from fiscal 2023. This surge will result in renewables claiming a 57 per cent share in the installed capacity. Solar and wind energy will contribute significantly, with expected additions of 210-220 GW and 50-55 GW, respectively, between fiscal 2023 and 2030.To address the intermittency challenges associated with renewable energy, there is an emphasis on integrating storage elements, including pumped storage plants (PSP) and battery energy storage systems (BESS). The installed capacity of storage elements is projected to reach 45-50 GW by fiscal 2030, constituting around 6 per cent of the total installed capacity. BESS is expected to account for 25-30 GW, while PSP is estimated to reach 17-20 GW. Although the capacity addition for PSP may start slowly, it is anticipated to accelerate after fiscal 2028 when several ongoing projects are commissioned. This expansion aligns with India's commitment to sustainable and low-emission energy sources.

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India’s non-fossil fuel capacity to triple by fiscal 2030: CRISIL

Renewable sources, excluding hydro, are anticipated to witness a robust addition of 310-320 GW by fiscal 2030.

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