India Shifts Away from Coal Toward Renewable Energy
India has reached a significant milestone as the share of coal in its power sector has dropped below 50% for the first time in decades. In the first quarter of 2024, the country added a record-breaking 13,669MW of power generation capacity, with renewables accounting for 71.5%.
According to a report from the Institute for Energy Economics and Financial Analysis (IEEFA), India is well on its way to achieving its target of 50% cumulative power generation capacity from non-fossil fuel-based sources by 2030. This shift comes amidst a global trend of reducing coal demand, with the G7 committing to phase out unabated coal power generation by 2035.
India’s renewable sector is booming, with a record 69GW in utility-scale projects issued. The country now ranks as the third-largest solar generator globally, trailing only China and the US. Despite challenges with coal dependence during adverse conditions, India’s renewable energy sector shows no signs of slowing down.
Experts believe that a renewables-powered future is becoming a reality, with solar power growing at an unprecedented pace. As fossil generation declines globally, India’s renewable capacity continues to grow, paving the way for a more sustainable energy future.