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Power Demand to Double by 2032; Renewable Energy to Play a Significant Role in India’s Energy Mix

Written by: Team Angel OneUpdated on: Jan 25, 2025, 11:05 AM IST
India is a global leader in renewable energy, targeting 500 GW by 2030. Key progress was reviewed in Jaipur, focusing on collaboration and innovation.
Power Demand to Double by 2032; Renewable Energy to Play a Significant Role in India’s Energy Mix
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Union Minister for New and Renewable Energy, Shri Pralhad Joshi, highlighted India’s ambitious renewable energy target of 500 GW by 2030 at the Regional Review Meeting in Jaipur. Emphasising the rising power demand, expected to double by 2032, he underlined the critical role of renewable energy in the nation’s energy mix.

The event brought together officials, state ministers, and experts to review progress in the Northern Region, including states like Jammu & Kashmir, Himachal Pradesh, Rajasthan, and Uttar Pradesh. The discussion underscored India’s leadership in green energy and the government’s commitment to sustainability through initiatives like the Panchamrit pledge from COP26.

Achievements and Investments in the Renewable Energy Sector

India has already surpassed 200 GW of renewable energy capacity, driven by:

  • Solar Power: 97 GW
  • Wind Power: 48 GW
  • Hydroelectric Power: 52 GW

Recent investments of ₹32 lakh crore and the nation’s strong green hydrogen initiatives demonstrate a robust push towards sustainable energy.

In Rajasthan, additional allocations of 5,000 MW under the PM KUSUM scheme were announced, alongside four newly inaugurated solar power projects in Jaisalmer with a combined capacity of 1,200 MW.

Regional Highlights: Innovations and Milestones

Jammu & Kashmir
Minister Shri Satish Misra shared progress on:

  • 35 MW solar installations in the domestic sector.
  • Deployment of 3,000 solar pumps.
    J&K aims to maximise its potential in solar, small hydro, and wind energy.

Himachal Pradesh
Minister Shri Rajesh Dharmani revealed:

  • A green hydrogen plant with 1 MW capacity.
  • 75% green energy in its portfolio, aiming for 100% non-fossil fuel energy by 2026.

Rajasthan
Energy Minister Shri Heeralal Nagar outlined Rajasthan’s leadership in solar and wind energy, with a 2,000 MW Battery Energy Storage System and a target of 125 GW by 2030.

Haryana
Minister Shri Anil Vij discussed the state’s significant investments in renewable infrastructure to meet green energy targets.

Collaboration for a Green Future

The workshop highlighted India’s collaborative efforts with states and global stakeholders, focusing on green hydrogen, battery storage, and distributed energy technologies. Incentives were provided to Discoms promoting rooftop solar projects across the Northern Region. For instance:

  • Rajasthan: ₹39.43 crore to Jodhpur Discom and ₹17.59 crore to Ajmer Discom.
  • Haryana: ₹42.68 crore to Dakshin Haryana Discom and ₹22.43 crore to Uttar Haryana Discom.
  • Punjab and Uttarakhand: ₹11.39 crore and ₹9.48 crore respectively.

Strengthening Policies and Innovations

Workshops in cities like Gandhinagar and Mumbai have fostered knowledge sharing and innovation. Upcoming meetings in Visakhapatnam, Varanasi, and Guwahati aim to tackle region-specific challenges, ensuring India remains at the forefront of renewable energy transition.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Jan 25, 2025, 11:05 AM IST

Team Angel One

Team Angel One is a group of experienced financial writers that deliver insightful articles on the stock market, IPO, economy, personal finance, commodities and related categories.

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