The total installed renewable energy
generation capacity of the country crossed the 100 GW mark on August 13, 2021. While India stands fourth in terms of installed renewable energy capacity, by 2022, it aims to have 175 GW of renewable energy capacity.
"The total installed renewable energy capacity in India, excluding large hydro, has crossed the milestone of 100 GW. Today, India stands at 4th position in the world in terms of installed RE capacity, 5th in solar
, and 4th in wind in terms of installed capacity," an official release said.
Renewable energy is evolving into a more attractive sector to investors since the climate crisis can be fixed by reducing carbon emissions. A recent report states that by 2025, renewables would be replacing coal - the most dominant energy source, as one of the largest sources of electricity generation. This would put an end to the 5-decade reign of coal.
Continuous Technological Advancements and increased Government Investment
The reason for the rise in demand for renewable energy is mainly owing to excessive greenhouse gas emissions that are formed by the extensive use of fossil energy for energy production. Furthermore, the renewable energy industry is not only bolstered owing to the limited supply of fossil fuels but also their unpredictable costs.
Therefore, this is anticipated to act as a growth restraint factor for the renewable energy market.
Also, in the Middle Eastern countries, fossil fuels are majorly utilized to generate electricity since fossil fuels
in these countries are not as expensive as found in the other parts of the world.
Other major factors fueling the renewable energy market growth include continuous technological advancements and increased government investment in this sector. Lastly, owing to the government policies on climate change becoming more stringent in developed and developing nations, the scale of the renewable energy market is increasing highly.
While Renewable technology possesses the potential to decrease greenhouse gas emissions