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India to Booms in Clean Energy Transition in 2024
By Shubhendra Anand , 18 February, 2024
The Indian energy sector is booming rapidly in light of the transition to green energy as the energy sector experiences changes in 2024. The clean energy transition targets net zero emissions by the end of 2050. However, nations are ready to achieve half the targeted growth by 2030. Therefore, decarbonization is rapidly growing in the Indian subcontinent to meet the targets of the green energy transition. Surveys show India is progressing exponentially in the clean energy transition in 2024.
Earlier, India's green energy sector was behind the progress bar since the decarbonization process was hard to achieve. It has put behind the nation in the renewable sector's growth. However, with the net zero emissions target, India's green energy sector aims to see sustainable growth. India's sustainable growth suffered financially and was behind other global nations; however, the flow of money into India's sustainable sector expects to build a new face for the nation in 2024. India anticipates catching the track of clean energy transitions with renewable resources, such as coal. The country could not follow the target of the green energy transition due to the nation's resistance to leaving behind fossil fuels. Therefore, developing economies like India have always found it challenging to achieve the decarbonization process.
Financial support has always been the hurdle in front of decarbonization and sustainable growth of the country. Recently, with various technical innovations and the country's progress towards renewable energy sources, the net zero emissions goal seems promising. According to surveys, most Indian states have achieved their renewable energy targets by 50 percent. India aims to acquire 450 gigawatts of clean energy installation by the end of 2030. India's target is to achieve half of the progress in net zero emissions by 2030, reflecting considerable changes in the climatic conditions. Like other countries, India targets to set up a new model for economic development with carbon reduction approaches in various sectors, such as automotive, energy, and others. Therefore, India's financial condition plays a significant role in achieving clean energy transition targets.
Increase of Around 35-40 GW Renewable Energy Capacity Annually to FY2029/30 in India
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Shubhendra Anand
Head Research
