Commentary: India on dream run in meeting its renewable energy goals

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NEW DELHI: India’s renewable energy sector has experienced a dream run. A rapid decline in tariffs ensured that new projects were deployed at a compound annual growth rate of nearly 18 per cent over the last five years.In the last three years, renewable capacity addition surpassed fossil-fuel based installations. The share of non-fossil-based capacity in India’s electricity mix is now 37.7 per cent – just 2.3 per cent short of India’s national contribution target for 2030.

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Even as the COVID-19 pandemic hit the country in March 2020, the renewable energy sector showed resilience and continues to attract new investment.READ: Commentary: The world is hungry for green cooling solutions. Thankfully, Singapore is pioneering themLISTEN: How hot can cities get and what can we do to cool things down? | Ep 8BETTING BIG ON RENEWABLE ENERGY

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Cost-effectively integrating variable renewable energy has become a global challenge.To solve this problem and reach the goal of having 450 gigawatts (GW) of renewable energy by 2030, India is betting on two key trends – increased benefits of hybrid renewable energy projects and a decrease in capital costs for solar modules, wind turbines and energy storage systems.In 2020, India concluded two innovative bids.In the first …

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