India Aims for 175 GW Renewable Energy by 2022
India is ramping up its renewable energy targets, aiming to add significant capacity in the coming years. The country is committed to reducing its reliance on fossil fuels and has set ambitious goals for clean energy adoption.
By 2022, India plans to install a total of 175 GW of renewable energy capacity. This includes 100 GW from solar, 60 GW from wind, 10 GW from small hydropower, and 5 GW from biomass-based power projects. The country's installed electricity capacity and power generation have grown at a cumulative annual growth rate of 9.3% and 6.6% respectively over the last decade, with renewable energy exhibiting even faster growth at 20%.
As of the first quarter of 2017, about 59 GW of renewable energy capacity was installed in India. The country's commitment in the UNFCCC process is to achieve 40% of electrical power from non-fossil sources by 2030. Currently, non-fossil fuel power stands at about 31%.
Solar photovoltaic (PV) is expected to play a significant role in India's energy transition. Solar PV costs have reduced by 20% annually since 2007, making it increasingly competitive. It is projected to be the cheapest source of electricity in India by 2020. Furthermore, solar rooftop systems with battery back-up are expected to achieve grid-parity by 2025.
India's renewable energy targets are ambitious and well-supported by the country's rapid growth in clean energy adoption. With solar PV costs decreasing and the technology becoming increasingly competitive, India is well on its way to achieving its goal of 175 GW of installed renewable energy capacity by 2022.
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