Latest news with #MercomRenewablesSummit2025
Time of India
24-07-2025
- Business
- Time of India
Renewables helped India save Rs 4 lakh cr in fossil fuel, pollution-related costs in 2024: Pralhad Joshi
The installed capacity of renewables has helped the country save Rs 4 lakh crore in fossil fuel and pollution-related costs in 2024, Union Minister Pralhad Joshi said on Thursday. The Minister for New and Renewable Energy made the remarks while addressing Mercom Renewables Summit 2025 in the national capital. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Design Thinking Data Science PGDM Management MBA Degree Operations Management Public Policy Data Analytics Technology Data Science Product Management Artificial Intelligence Cybersecurity Others Digital Marketing MCA Finance others Leadership CXO Healthcare healthcare Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details India has already achieved 50 per cent of its installed power capacity from non-fossil fuel sources, five years ahead of schedule, Joshi said. "This is a historic milestone." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo The country's renewable energy capacity has crossed the 245-GW mark, of which over 116 GW is solar and 52 GW wind, the minister said. Citing a report of IRENA (International Renewable Energy Agency), Joshi said, "Rising installed capacity of renewables by India in 2024 helped save roughly Rs 4 lakh crore (more than USD 46 billion) in fossil fuel and pollution-related costs." Live Events He said over 58.7 lakh applications and 17.2 lakh completed installations under PM Surya Ghar: Muft Bijli Yojana, which is also the world's largest domestic rooftop solar initiative. India is moving ahead with its goal of 500 GW non-fossil capacity by 2030, Joshi said to the gathering of over 500, including industry executives, policymakers, and investors, government officials. The government is working on multidimensional approach to achieve the ambitious goal, he said. The government is working on strengthening power purchase agreements (PPAs) and has conducted zonal review meetings with several chief ministers and state DISCOMs on the issue, he said. Modernising the grid and enhancing storage, a viability gap funding scheme for 30 GWh of Battery Energy Storage Systems (BESS) has been approved. It will be supplementing the 13.2 GWh already in progress. This Rs 5,400-crore initiative is expected to mobilise Rs 33,000 crore in investments and meet the nation's BESS demand by 2028. Third, domestic manufacturing and innovation is being promoted through schemes like the PLI and ALMM initiative. "The Rs 24,000 crore production-linked incentive (PLI) scheme is enabling India to build Atma Nirbharta in solar and wind manufacturing, The Approved List of Models and Manufacturers (ALMM) List-II for solar PV cells will be implemented from June 2026," he said. The government is also working to facilitate land access and lastly ensuring financial stability and market confidence. On the Green Hydrogen Mission, he said incentives have already been awarded for 3,000 MW per annum of electrolyser manufacturing capacity. Over 8.6 lakh tonnes per annum of green hydrogen production capacity has been allocated. "With global dynamics shifting, India has a chance to take a much larger leadership role and seize greater market share," Raj Prabhu, CEO of US-based Mercom Capital Group, said.
Time of India
24-07-2025
- Business
- Time of India
Renewable energy drive hits milestone, solar powers nearly a quarter of Installed capacity
New Delhi: India's transition to renewable energy has crossed a significant milestone, with solar energy alone now accounting for nearly 24 per cent of the country's total installed power capacity. This was revealed during the Mercom Renewables Summit 2025 held on Thursday, where key stakeholders and industry leaders gathered to assess the progress and future roadmap of India's green energy mission. According to data presented by Mercom India Research, as of March 2025, India's cumulative installed large-scale solar capacity has reached 89.7 GW. Among the states leading this transformation are Rajasthan, Gujarat, and Karnataka, each with over 10,000 MW of installed solar capacity. The summit's keynote presentation showcased a paradigm shift in India's energy mix over the last decade. From 2010 to 2025, the share of new capacity additions from coal has steadily declined, while solar has emerged as the dominant source of new energy capacity. As of Q1 2025, renewable energy sources (including large hydro) account for 48.4 per cent of India's total installed power capacity. Solar power alone contributes 23.9 per cent, followed by wind at 10.6 per cent, large hydro at 10.2 per cent, and other sources, including biomass and small hydro. "This shift highlights India's commitment to clean energy, driven by ambitious policy frameworks, falling technology costs, and a growing appetite for climate action," said Raj Prabhu, Founder &CEO, Mercom Capital Group. "With global climate commitments looming, India's renewable energy journey is seen as critical not only for its own future but for global climate goals," Raj Prabhu told ANI. The summit also highlighted India's diversified approach to energy transition, incorporating wind, hydropower, and waste-to-energy alongside solar. However, coal continues to hold a significant portion of the energy mix, suggesting a need for more aggressive phasing down of fossil fuels. The event underscored the urgent need for continued investments, grid upgrades, and policy innovations to sustain the momentum. With global climate commitments looming, India's renewable energy journey is seen as critical not only for its own future but for global climate goals. (ANI) .
