India’s total non-fossil fuel-based energy capacity reached 217.62 GW as of January 20, 2025, driven by record additions of 24.5 GW in solar capacity and 3.4 GW in wind capacity during 2024, according to official data.
However, despite the record growth, achieving the 2030 target is easier said than done. As per estimates, India requires ₹33 lakh crore in financing to achieve its 2030 renewable energy (RE) target.
The country added 28.64 GW of renewable capacity in 2024, more than doubling the 13.05 GW added in 2023. However, to meet the 500 GW target by 2030, India needs to add about 56 GW of capacity every year for the next five years—almost double what was added in 2024. Naturally, the industry has high hopes for Finance Minister Nirmala Sitharaman, who is set to present the Union Budget 2025 on February 1. Here’s what industry leaders told ET.
Vaibhav Pratap Singh, Executive Director, Climate & Sustainability Initiative (CSI)
Scaling India’s RE ambitions requires a dedicated financial institution like NaBFID to meet long-term funding needs. Leveraging India’s $2.6 trillion bond market would reduce reliance on traditional lenders, accelerate RE growth, and strengthen energy infrastructure. Increased allocations for Green Corridors would also streamline grid integration, supporting the 2030 targets.”
Originally Published in The Economic Times (Online)
