India Leads the Way in the Renewable Energy Sector
India intends to achieve net zero carbon emissions by 2070 and meet 50% of its electricity needs from renewable sources by 2030. The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India was ranked fourth in wind power, fifth in solar power and fourth in renewable power installed capacity, as of 2020. India ranks fourth in the world in terms of installed renewable energy capacity and India’s non-fossil fuel energy has grown by over 25% in seven years.
Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 15.92% between FY 16-22. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. With the increased support of the Government and improved economics, the sector has become attractive from an investor’s perspective.