In a significant development for India’s renewable energy sector, the Union Ministry of New and Renewable Energy approved 50 solar parks with a combined capacity of nearly 37.5 gigawatts (GW), as reported by Union Minister Pralhad Joshi. While addressing the 7th General Assembly of the International Solar Alliance (ISA), Joshi discussed India’s ambitious renewable energy targets, which include the advancement of offshore wind projects to achieve a 30 GW capacity by 2030.

Joshi highlighted that 50 solar parks with a total capacity of approximately 37.5 GW had been approved, and potential offshore wind energy sites had been identified to reach the 30 GW target by 2030. He emphasized India's commitment to transforming its energy future. Under Prime Minister Narendra Modi's leadership, India has set a goal of 500 GW of renewable energy capacity by 2030, with solar energy already exceeding 90 GW in installed capacity.

The ISA, a coalition of 120 countries, aims to mobilize $1,000 billion in solar energy investments by 2030 through its 'Towards 1000' strategy. This initiative seeks to achieve 1,000 GW of installed capacity, provide energy access to 1,000 million people, and reduce 1,000 million tonnes of carbon dioxide emissions annually. This international initiative aligns with India’s domestic efforts, where renewable energy projects, particularly in solar, are experiencing remarkable growth.

Joshi mentioned that India's journey in renewable energy was driven by both vision and progress, with domestic and international support contributing to substantial achievements. He pointed out the recent budget allocation, which saw a 110% increase in funding for solar power projects. New schemes such as the PM-Surya Ghar Muft Bijli Yojana and tax exemptions on critical mineral imports were also highlighted as part of the government's efforts to strengthen solar infrastructure. Additionally, India’s rooftop solar initiative, one of the most prominent globally, is enabling households to generate renewable energy.

The PM-KUSUM scheme, focused on rural areas, is transforming agricultural landscapes by allowing farmers to use solar power for irrigation and sell surplus energy, contributing to sustainable livelihoods. Joshi underscored the significance of the scheme, stating that it has enhanced rural energy access and enabled farmers to not only irrigate their fields but also become part of the solar economy.

The global solar sector has also experienced remarkable growth, with the world expected to reach 2 terawatts of installed solar capacity by 2024. The role of solar in the global energy mix is expanding rapidly, as shown by ISA data, which indicates a rise in investment from $144 billion in 2018 to an estimated $500 billion by the end of 2024. This growth is positioning solar power as the most affordable energy source in many regions, surpassing traditional sources like coal and gas.