Union Power and Renewable Energy Minister, RK Singh, stated that the goal of tripling India’s renewable energy capacity will be aspirational and dependent on national circumstances. He made this announcement during the International Solar Alliance’s (ISA) sixth assembly.
Aspirational Goal
The discussion regarding the goal of tripling renewable energy capacity was raised during the G20 energy ministers meeting. Singh explained that countries have unique national situations, and each nation conducts its energy transition accordingly. Therefore, the target of tripling renewable energy capacity is seen as aspirational.
India’s Progress
India has made significant strides in renewable energy over the past seven to eight years, increasing its solar capacity by about 35 times. Currently, renewable energy capacity accounts for around 43% of the total installed capacity in the country, with a goal of adding approximately 50 GW annually.
Nationally Determined Contributions (NDC) and Investment
India’s NDC under the Paris Agreement was to achieve 40% of its installed capacity from non-fossil sources by 2030, a target that was reached nine years ahead of schedule. Minister Singh emphasized the need for investments in African and developing countries to provide access to energy and light up homes, addressing this as a basic necessity.
International Support
French Minister of State for Development and International Partnerships, Chrysoula Zacharopoulou, announced that the ISA will advocate for the tripling of renewable energy capacity goal to be officially adopted at the UN Climate Meeting (COP28) in Dubai in December. The French minister also highlighted that the initial challenge of lowering the cost of solar and stimulating investments has been overcome, with solar being cheaper than fossil fuels. Investment in solar has been on the rise, with $1 billion being invested monthly.
Global Investments in Solar
Ajay Mathur, Director General of ISA, highlighted record investments in solar energy worldwide, reaching $310 billion last year and expected to exceed $380 billion this year. He emphasized the importance of enabling investment in smaller projects, especially in regions that have received a smaller share of investment, such as Africa.
The goal of tripling global renewable energy capacity by 2030 is gaining international support and is seen as a key step in reducing greenhouse gas emissions and addressing climate change.
Push for Tripling Renewable Energy Capacity at COP28
The UAE, this year’s COP28 Presidency, is actively pushing for the adoption of tripling renewable energy capacity globally by 2030 as a significant outcome of the summit. This goal is supported by a joint report from the COP28 Presidency, the International Renewable Energy Agency (IRENA), and the Global Renewables Alliance. The report outlines key enablers to achieve this target and double average annual energy efficiency improvements by 2030.