India’s renewable energy supply is experiencing rapid growth, with the share of renewable sources, including wind and solar, increasing to 30.1% in 2023, up from 27.5% in 2022, according to the 38th edition of TERI Energy & Environment Data Diary and Yearbook (TEDDY). The flagship publication of The Energy and Resources Institute (TERI) indicates a notable shift in the country’s energy mix. Meanwhile, the share of coal-based power plants decreased from 51.1% to 49.3%.
India, in its updated nationally determined contribution (NDC) to the United Nations Framework Convention on Climate Change, has set a goal of achieving 50% installed power capacity from non-fossil sources. The country’s non-fossil installed capacity, including hydro and nuclear, is already around 43% of the total installed capacity, as per the Ministry of New and Renewable Energy.
The report highlights the positive momentum in renewable energy, attributing it to falling equipment prices and competitive bidding by both foreign and domestic firms. Solar tariffs in India have seen a consistent downward trend, decreasing by an average of 26% between October 2022 and March 2023.
Despite the progress in renewable energy, the chapter on air pollution in the report presents alarming statistics. The Global Burden of Disease study attributes 1.7 million deaths to air pollution in India in 2019. Additionally, a World Bank study estimates that the annual cost of health damages from PM 2.5 exposure in India accounts for 10.6% of the country’s GDP.
India ranks fourth globally in renewable energy installed capacity, following China, the U.S., and Brazil. The National Institute of Solar Energy estimates India’s potential for solar power to be over 750 GW. As of December 2021, India’s cumulative installed solar capacity reached 55 GW, with grid-connected utility-scale projects contributing the majority.
The International Energy Agency (IEA) projects that India’s primary energy consumption will double to 1123 MTOE by 2040, with coal, oil, and natural gas contributing about 90% to total consumption. The report emphasizes the need for continued efforts to address air pollution challenges alongside the expansion of renewable energy sources.
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