India may face challenges in achieving its 2030 wind energy targets

According to a new report by energy think tank Ember, India’s annual wind power installations have increased over the past three years but remain significantly below the levels required to meet its 2030 renewable energy goals. India aims to build 509 GW of renewable energy capacity, including 110 GW of wind power, by 2030. To achieve this, the country must install 9.3 GW of wind capacity annually from 2024 onwards. However, the current pace of 2.8 GW installed in 2023 is far short of what is needed.

The report also highlights that while national wind energy targets worldwide will result in more than doubling global capacity by 2030, this falls short of the tripling required. The cumulative 2030 targets set by governments total 2,157 GW, a 2.4x increase from the 901 GW capacity in 2022. Achieving a global tripling of wind energy would require an additional 585 GW.

The analysis examined 2030 wind targets across 70 countries and the EU, covering 99% of global wind capacity. It found that most of the projected growth will come from China, which is on track to triple its wind capacity by 2030, contributing over half of global wind additions annually from 2024 onwards. Meanwhile, the rest of the world is expected to underperform.

With solar and wind projected to provide over 90% of the growth in global renewables, the report emphasizes the need for accelerated wind power development. It suggests that rapid, large-scale wind growth can be achieved with the right combination of policy, regulatory, and financial support, as demonstrated by the strong performance in key regions.

The detailed article published by www.businesstoday.in can be accessed from https://www.businesstoday.in/latest/corporate/story/india-has-a-big-gap-to-meet-its-2030-wind-energy-targets-ember-440730-2024-08-08?onetap=true