India’s Sun Shines Bright as Renewable Energy capacity hits 188 GW
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India is a major player in the renewable energy sector, and its capacity has crossed the 179.5 GW mark and reaching 188GW by the end of CY23. The government has set a target of 500 GW of non-fossil energy by 2030 and net-zero carbon emissions by 2070. As of November 2023, the country’s renewable capacity surpassed 180 GW, with solar leading at 72 GW, wind at 45 GW, and large hydro at 47 GW.
Renewable energy stocks have performed well in 2023, with some companies generating returns of up to 270%. This is due to a number of factors, including ambitious government targets, falling costs, and positive investor sentiment.
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Here is a table summarizing the key points of the article:
| Key point | Summary |
| India’s renewable energy capacity | 188 GW |
| Government target for non-fossil energy by 2030 | 500 GW |
| Government target for net-zero carbon emissions by 2070 | Achieved |
| Renewable energy capacity as of November 2023 | 180 GW |
| Leading renewable energy sources | Solar (72 GW), wind (45 GW), large hydro (47 GW) |
| Performance of renewable energy stocks in 2023 | Up to 270% returns |
| Factors driving the performance of renewable energy stocks | Ambitious government targets, falling costs, positive investor sentiment |
YTD Stock Performance of Major RE stocks in FY23:
Image Source: Live Mint
India is on track to achieve its ambitious goal of generating 50% of its electricity from non-fossil fuels by 2030, according to President Murmu. She highlighted the country’s commitment to expanding its solar energy infrastructure by citing the construction of 11 new solar parks and the development of 9 more. Additionally, a recent solar rooftop installation scheme aims to support 1 crore families, potentially reducing electricity bills and contributing surplus electricity to the power market.
Here are some key takeaways:
- India has a goal of generating 50% of its electricity from non-fossil fuels by 2030.
- The country is expanding its solar energy infrastructure by building new solar parks and launching a rooftop installation scheme.
- The solar rooftop installation scheme could help reduce electricity bills for households and contribute surplus electricity to the power market.