India's Renewable Revolution: Meeting the Energy Demand Surge

India aims to meet its soaring power demand with renewable energy, predicts ReNew CEO Sumant Sinha. With a goal to double electricity demand by 2030, the nation is focusing on ambitious decarbonization targets, including the PM Surya Ghar Yojana, which plans to power one crore households with solar energy.

In a significant forecast, Sumant Sinha, Chairman and CEO of Nasdaq-listed ReNew, projects that 70-80% of the anticipated surge in India's energy demand will be met using renewable sources. Speaking at the Rising Rajasthan Investment Summit, Sinha emphasized India's electricity requirements are expected to double within the next seven years.

India, at the COP26 summit in 2021, committed to a multifaceted 'Panchamrit' strategy, which includes achieving 500 GW of non-fossil electricity capacity and reducing emissions intensity by 45% by 2030. These ambitious targets align with the global momentum towards green energy, which Sinha supports, noting strong government-industry collaboration.

The country has already surpassed 200 GW towards its 500 GW goal. With additional auctions for 80 to 90 gigawatts, India anticipates nearing 300 GW within two years. In Rajasthan, ReNew has substantial investments, including a 23 GW project pipeline and a 4000 MW solar module manufacturing plant, reflecting a solid partnership with the supportive state government.

(With inputs from agencies.)