India’s renewable energy capacity will more than double by 2022, which would be enough to overtake renewable expansion in the European Union for the first time, International Energy Agency (IEA) said in a report.
The country’s renewable energy installed capacity is 58.30 GW as per the recent government data. The government has an ambitious target of raising it to 175 GW by 2022 including 100 GW of solar and 60 GW of wind energy.
“By 2022, India’s renewable capacity will more This growth is enough to overtake renewable expansion in the European Union for the first time,” IEA said in its latest renewables market analysis and forecast.
IEA said the solar PV and wind together represent 90 per cent of India’s capacity growth as auctions yielded some of the world’s lowest prices for both technologies.
It said China’s renewables’ growth is largely driven by concerns about air pollution and capacity targets that were outlined in the country’s 13th five-year plan to 2020.
In fact, China already exceeded its 2020 solar PV target three years ahead of time and is set to achieve its onshore wind target in 2019. Still, the growing cost of renewable subsidies and grid integration issues remain two important challenges to further expansion, it added.