India’s clean energy capacity set to soar by 2030

October 8, 2024 | 0 Comment

India is on track for significant growth in clean energy technology by 2030, supported by government initiatives like the Production-Linked Incentive (PLI) scheme. However, challenges such as technological gaps, labor shortages, and infrastructure limitations may hinder the country from fully meeting its renewable energy targets.

India’s clean energy technology capacity is set to rise significantly by 2030, driven by government strategies like the Production-Linked Incentive (PLI) scheme and local manufacturing support. The country aims for full self-sufficiency in solar PV and wind by 2030, with projected capacities of 107 GW in solar PV modules, 20 GW in wind nacelles, 69 GWh in battery cells, and 8 gigawatts equivalent (GWe) in electrolyzers, according to S&P Global Commodity Insights. Despite this projected growth, challenges may hinder India from achieving its green energy targets.

Key obstacles include gaps in technological innovation, shortages of skilled labor, inadequate infrastructure, and inconsistent policy enforcement. For instance, India struggles to meet its production goals for polysilicon and wafers, essential components in solar PV production, affecting its competitiveness. Similarly, the country’s wind turbine product mix needs to align with global standards to boost export opportunities, and its emerging offshore wind sector requires further investment to mature.

Government measures such as tariffs on imported goods, the Approved List of Models and Manufacturers (ALMM), and direct incentives through the PLI scheme aim to support domestic manufacturing. However, while these policies encourage local production, more is needed to address the critical barriers to renewable energy installation targets.

As the clean energy sector continues to expand, India’s ability to overcome these challenges will be crucial in reaching its ambitious goals of establishing 50% of cumulative electric power capacity from non-fossil fuel sources by 2030.

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