Regulatory Reforms In The Renewable Energy Sector

Abstract

India's commitment and efforts towards leading the global transition to clean energy has led to an increase in the country's installed renewable energy ("RE") capacity by 396% in the last 8.5 years.¹ As on February 28, 2023, India's installed RE capacity was 1,68,963 MW – which accounts for approximately 41% of India's total installed power generation capacity.²

India now ranks #4 globally in terms of the installed RE capacity (including large hydro projects)³, and has ambitious targets. The Ministry of New and Renewable Energy ("MNRE"), Government of India ("GoI") is aggressively working towards achieving a target of 500 GW of installed capacity from nonfossil sources by 2030⁴, and honoring India's commitments under the Paris climate accord i.e., to reduce emission intensity to 45% below 2005 levels by 2030 and achieve about 50% cumulative electricity power capacity from non-fossil fuelbased energy resources by 2030.⁵