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India's renewable energy generation to rise by 30% by 2024: IEA

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15th January, 2022 10:31 IST
It said that new records for renewable capacity addition are expected in 2021 and 2022, principally wind and solar PV and added that renewables will provide 35 % of the incremental demand, with nuclear largely accounting for the balance.
New Delhi: India’s renewable generation is expected to increase by 30 % by 2024 relative to 2021, according to a recent report by the International Energy Agency (IEA).

It added that it was driven by state and central auctions, and India’s target of 450 GW of installed renewable capacity.


“As India’s demand for electricity continues to grow, the expansion of generation capacity accelerates from 2022 onwards. While we expect 48 % of new demand to be met by coal-fired generation, low-carbon sources provide about half of the additional supply,” said the report titled ‘Electricity Market Report’.


It said that new records for renewable capacity addition are expected in 2021 and 2022, principally wind and solar PV and added that renewables will provide 35 % of the incremental demand, with nuclear largely accounting for the balance.

According to the report, global electricity demand surged in 2021, creating strains in major markets, pushing prices to unprecedented levels and driving the power sector’s emissions to a record high.

“Driven by the rapid economic rebound, a colder than average winter and a warmer than average summer, last year’s 6 % rise in global electricity demand was the largest in percentage terms since 2010 when the world was recovering from the global financial crisis,” it said.

The report further added that last year’s increase of over 1,500 terawatt-hours was the largest ever, in absolute terms.

“Electricity produced from renewable sources grew by 6 % in 2021, but it was not enough to keep up with galloping demand. Coal-fired generation grew by 9 %, serving more than half of the increase in demand,” IEA said in its report.

In total, carbon dioxide (CO2) emissions from power generation rose by 7 %, also reaching a record high, after having declined the two previous years.

For 2022-2024, the report anticipates electricity demand growing 2.7 % a year on average, although the Covid-19 pandemic and high energy prices bring some uncertainty to this outlook. Renewables are set to grow by 8 % per year on average, serving more than 90 % of net demand growth during this period, according to the report.

Fossil fuel-based generation is expected to stagnate in the coming years, with coal-fired generation falling slightly as phase-outs and declining competitiveness in the United States and Europe are balanced by growth in markets like China and India, it added.

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Renewable energy generation capacity addition to touch 16 GW in FY'23: ICRA

The committment to climate change goals announced at the recent COP26 summit, including increasing the non-fossil power capacity to 500 GW and meeting 50 per cent of energy requirement from renewable sources by 2030, further strengthens the investment prospects in the renewable energy sector.

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