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.
In this article, we will briefly discuss the Green Energy Report of India as of March 2022, so, let’s get started.
India’s Green Energy Report:
- The total installed capacity of renewable energy in India is 156.61 Gigawatt (GW) as of March 2022, where there is a growth of 11% YoY. The is a good scope of growth in the capacity to grow but somewhere there is bureaucracy or relation between the state and central government is hampering the growth.
- The total capacity of India’s energy is 399.5 gigawatt, 39% of this comes from renewable energy.
- The hydel power project is also included in this up to 45 Gigawatts, earlier it was not considered renewable energy, and only wind and solar power were considered.
- The target of India is to reach 175 Gigawatts by December 2022 from 156.61 Gigawatts currently but there is the possibility that we might fall short of this and will not be able to achieve it.
Status of the Top-5 States:
- In the 1st position, Karnataka is a state which has a current capacity of 19.5 Gigawatts which is the highest among every state.
- The best part is it has achieved its December 2022 target and overachieved it by 107%.
- In the 2nd position Rajasthan, having the current capacity of 18.98 Gigawatts achieved its December 2022 target and overachieved 119%.
- In the 3rd position, Tamil Nadu having a capacity of 18.3 Gigawatts currently achieved only 75% of its December 2022 target, 25% is yet to cover.
- In the 4th position, 17.36 Gigawatts 97% target of December 2022 is achieved.
- Now, the main problem lies in Maharashtra the highest power-consuming state
- And currently has a capacity of 13.99 Gigawatts whereas the target is 28-29 Gigawatts, and only 49% is achieved. It is lagging behind a lot from the target of December 2022.
What Should Individuals Do?
The target of achieving 175 Gigawatts of renewable energy capacity by December 2022 seems difficult to achieve as some states are lagging. Especially where the power consumption is high. Hence, it will interesting to see how things will develop from hereon.
Disclaimer: The information here is provided for reference purposes only and should not be misconstrued as investment advice. Under no circumstances does this information represent are commendation to buy or sell stocks or MF.