Page 23 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• A variety of renewable energy resources contribute to this impressive figure. Solar power leads the
way with 92.12 GW, playing a crucial role in India’s efforts to harness its abundant sunlight. Wind
power follows closely with 47.72 GW, driven by the vast potential of the coastal and inland wind
corridors across the country. Hydroelectric power is another key contributor, with large hydro projects
generating 46.93 GW and small hydro power adding 5.07 GW, offering a reliable and sustainable source
of energy from India’s rivers and water systems.

• Biopower, including biomass and biogas energy, adds another 11.32 GW to the renewable energy mix.
These bioenergy projects are vital for utilizing agricultural waste and other organic materials to
generate power, further diversifying India’s clean energy sources.

• The proactive initiatives such as the National Green Hydrogen Mission, PM-KUSUM, PM Surya Ghar,
and the PLI schemes for solar PV modules underscore the government's strategic focus on enhancing
energy generation capacity while reducing reliance on fossil fuels.

• With ambitious targets set for the future, including a goal of 500 GW from non-fossil sources by 2030,
India is well- positioned to emerge as a global leader in renewable energy, contributing to
environmental sustainability and energy security.

• These ongoing efforts reflect a holistic approach to building a greener economy, ensuring that India
not only meets its energy needs but also addresses the pressing challenges of climate change and
resource conservation.

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