India's renewable energy journey: short-term hiccups but long-term trajectory intact

India’s renewable energy installations are projected to grow rapidly with 35-40 gigawatts (GW) added annually through to the fiscal year (FY) 2029/30, according to this new report by the Institute for Energy Economics and Financial Analysis (IEEFA) and Climate Energy Finance (CEF). IEEFA and CEF estimate that renewable energy capacity will reach 405GW in FY2039/30, putting India on track to surpass its target of 50% of its energy from non-fossil fuel sources by 2030. Thermal power, on the other hand, is set to progressively lose market share, with the expanding use of domestically produced thermal energy in response to recent global events likely to be a “short-term hiccup”, the report says.