APT Translations

In the second quarter of the calendar year 2024, the country commissioned 5 GW of solar capacity while in the first quarter (January-March) the new capacity that was added surged by as much as 9.9 GW, the report said.

Solar energy has surged to the forefront, driven by climate imperatives and a spike in electricity consumption. In FY24, solar energy led the charge with a record addition of ~15 GW, accounting for nearly half of the 32 GW added to India’s power capacity.

Union minister Jitendra Singh, during a media briefing on the Union Cabinet's decision, expressed that the policy positions India on the global stage as a key player in the biotech sector.

The significant increase in natural gas usage is attributed to the enhanced availability of domestic gas, fueled by connectivity to city gas distribution grids and a reduction in domestic gas consumption by the fertilizer sector.

"In the first half, solar installations in India reached 15 GW, surpassing all previous years records, posting an increase of 282 per cent compared to 1H 2023," the report titled 'India Solar Market Update' said.

Singh emphasized the significance of these initiatives in India’s strategy to decarbonize heavy industry, transportation, and power generation. “The Green Hydrogen Mission is crucial for driving innovation in clean technologies and achieving global climate goals,” he stated, underscoring the country’s commitment to a sustainable energy future.

Norges Bank Investment Management (NBIM) committed the sum to CIP's fifth flagship fund CI V, which invests in offshore and onshore wind, solar farms, grid and distribution, as well as storage, the world's largest sovereign wealth fund said in a statement.

As per India's NDC, the country stands committed to reducing emission intensity of its GDP by 45 per cent by 2030, from 2005 level, and achieving about 50 per cent cumulative electric power installed capacity from non-fossil-based resources by 2030.

It illustrates the hard balance faced as India, the third-largest greenhouse gas emitter, scrambles to boost its non-fossil fuel capacity to stem the rising impacts of climate change.

The report highlighted a robust pipeline of 110.6 GW in combined solar, wind, wind-solar hybrid, and storage projects, expected to be commissioned over the next 4-5 years. Additionally, 71.4 GW of projects are in the bidding phase, with tenders issued but auctions yet to be completed.