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					</table><p>Achieving the target set at COP28 in Dubai last year of tripling renewable energy capacity by 2030 is contingent on global determination, policy support, and investment at scale, a report by the International Renewable Energy Agency (<a href="https://www.irena.org/" target="_blank" rel="noopener">IRENA</a>) has said.</p>
<p>In the World Energy Transitions Outlook presented at the Berlin Energy Transitions Dialogue, IRENA said that while evolving policies, geopolitical shifts, and declining costs have accelerated renewables expansion, there is a need for concerted efforts to triple the renewable power capacity.</p>
<p><strong>Renewables Growth</strong></p>
<p>IRENA is monitoring the progress towards the 11 terawatts (TW) of renewable power required by 2030. Renewable power additions saw unprecedented growth in 2023, accounting for 87% of newly installed capacity. The growth is still far from the target of an average of 1,100 GW of renewables capacity required to be deployed annually, which is nearly double the 2023 capacity (473 GW). Of the 473 GW deployed in 2023, 73% was from solar</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-64720 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-1.png" alt="Renewable capacity additions IRENA (1)" width="505" height="620" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-1.png 505w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-1-244x300.png 244w" sizes="(max-width: 505px) 100vw, 505px" /></a></p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-64722 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-2.png" alt="Renewable capacity additions IRENA (2)" width="505" height="352" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-2.png 505w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Renewable-capacity-additions-IRENA-2-300x209.png 300w" sizes="(max-width: 505px) 100vw, 505px" /></a></p>
<p>Inadequate progress has been seen in the development of electric vehicles, electrolyzer capacity for green hydrogen production, and the scaling up of investments in renewables, grids, and flexibility.</p>
<p>The annual investments in renewable power generation must increase from $570 billion in 2023 to an average of $1,200 billion between 2024 and 2030, as per IRENA estimates.</p>
<p>New renewable capacity additions in 2023 were concentrated in China, the European Union (EU), and the United States, which together accounted for 83% of additions. In a new milestone, 85% of the new power capacity in China was from renewable sources.</p>
<p>“In the wake of the historic UAE Consensus on tripling renewables at COP28, these capacity additions – despite setting a new record – indicate that achieving the target is far from guaranteed. Our data confirms that progress continues to fall short, and the energy transition remains off track,” said Francesco La Camera, Director-General of IRENA.</p>
<p><strong>Staggered investments </strong></p>
<p>G20 nations have a vital role in meeting the 2030 goal as they must grow their renewable capacity from under 3 TW in 2022 to 9.4 TW by 2030.</p>
<p>Despite energy transition-related investments having reached a record high, the report noted that developing countries disproportionately received lower levels of investments. In 2023, renewable energy-related investments touched $2 trillion, but emerging markets and developing economies accounted for just over half of global investments. Even though it is the home to the highest share of energy-deprived populations, Sub-Saharan Africa received less than 1.5% of the global renewable investment.</p>
<p>Project developers from these countries are also burdened by high capital costs, as renewable energy projects in Brazil, India, Indonesia, Mexico, and South Africa had a weighted, post-tax average cost of capital of 3.6-7.2% in 2021-22. This is up to five times higher than in China or advanced economies.</p>
<p>Further, policy interventions and improved access to public finance can help alleviate the rising commodity and financing costs that have disproportionately impacted long-lead-time projects.</p>
<p>At the same time, fossil fuels received $1.3 trillion in subsidies in 2022, which is equivalent to the annual investment required in renewable generation capacity to achieve a threefold increase by 2030.</p>
<p>In comparison, 28 countries that made up the advanced economies received nearly five times more per capita investment than 154 emerging market and developing economies (China being the exception).</p>
<p>According to the report, multilateral finance mechanisms need to be altered to increase the flow of international public funds and low-cost finance.</p>
<p><strong>Battery Storage</strong></p>
<p>The report mentions that tripling of renewables capacity must be simultaneously accompanied by significant investments in battery storage systems, which is crucial to achieving flexible and resilient power systems.</p>
<p>Some major economies are promoting the deployment of battery storage through financial incentives, subsidies, targets, and funds for research and development. Pumped hydro storage is also a well-established, economically feasible, and validated technology; as of 2023, the global total installed pumped hydro storage capacity reached 140 GW.</p>
<p>By anticipating labor market disruptions, the report recommends the upskilling of new market entrants and allocating a greater share of resources and training.</p>
<p>IRENA said there is a need for accelerated investments in infrastructure and system operations such as power grids and storage, revised policies and regulations and measures to fortify supply chains, cultivate requisite skills, and substantial increases in investments, including public funds facilitated through international collaboration.</p>
<p><strong>1.5 Degree Celsius Scenario </strong><strong> </strong></p>
<p>In the 1.5 C scenario, renewables would account for 77% of the primary energy supply. As of 2023, their share stands at 34%. For this to increase, there is an urgent need for improved energy efficiency and structural and behavioral changes.</p>
<p>The report said that power demand would need to grow three-fold by 2050 through extensive electrification of end-use sectors, i.e., 37% supplied by solar and 36% provided by wind.</p>
<p>Installed renewable capacity by 2030 would need to expand nearly four times to set the world on course for the transition.</p>
<p>“A key requirement under IRENA’s 1.5 degree C scenario is that increased renewable energy use must be coupled with a corresponding decline in fossil fuel reliance. Both aspects are lagging,” the report claimed. This is almost equal to the influx of investment into the fossil fuel sector, with the planned new oil and gas capacity having increased by 13% in 2022. G20 countries alone provided a record $1.4 trillion in public funds in support of the sector that year.</p>
<p>At the COP28 summit last December, India <a href="https://www.mercomindia.com/india-says-no-triple-renewables-cop28" target="_blank" rel="noopener">refused</a> to pledge to triple renewable capacity and phase down coal by 2030, citing the need for coal to meet burgeoning power demand.</p>
<p>Even as countries agreed to the tripled target, the summit <a href="https://www.mercomindia.com/cop28-milder-transitioning-fossil-fuels" target="_blank" rel="noopener">settled</a> for a milder transition away from fossil fuels instead of their ‘phase-out.’</p>


 Global Renewable Energy Capacity Additions Falling Short of Target: IRENA


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					</table><p><strong><a href="https://www.mercomindia.com/mperc-rejects-grid-support-charges" target="_blank" rel="noopener">Madhya Pradesh Electricity Regulatory Commission has rejected a petition filed by Madhya Pradesh Power Management Company and state power distribution companies (DISCOMs) seeking levy of grid support charges on all categories of consumers with grid-connected rooftop</a></strong> solar system under net-metering and base load reduction (Category III). They had also sought the introduction of net billing or net feed-in arrangement for consumers having contract demand/ sanctioned load up to 500 kW.</p>
<p><strong><a href="https://www.mercomindia.com/ev-financing-platform-finayo-expand-its-saas-offerings" target="_blank" rel="noopener">Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has secured funding of ₹160 Million (~$1.9 million) from F Mec International Financial Services, Choice Finserv</a></strong> (CFPL) and other angel investors, and high net worth individuals. The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive EV financing network.</p>
<p><a href="https://www.mercomindia.com/cop28-milder-transitioning-fossil-fuels" target="_blank" rel="noopener"><strong>World leaders settled for a weaker text that spoke of ‘transitioning away’ from fossil fuels instead of a more definitive ‘phase-out’ at the COP28 climate summit in Dubai</strong>.</a> After lengthy deliberations that went beyond the scheduled close of the two-week event, the declaration called on nations to contribute to ‘transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050.’</p>
<p><a href="https://www.mercomindia.com/battery-recycling-batx-secures-5-million-fund-expansion" target="_blank" rel="noopener"><strong>BatX Energies, an India-based sustainable and circular Lithium-ion battery recycling company, has raised $5 million in pre-series A Funding.</strong></a> The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India. Zephyr Peacock led the funding along with Lets Venture and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc.</p>
<p><a href="https://www.mercomindia.com/new-app-to-consumers-consumption-with-renewables" target="_blank" rel="noopener"><strong>The Fraunhofer Institute for Solar Energy Systems (ISE) has developed an app that displays the current share of renewables in the net public electricity generation for 12 European countries</strong>.</a> It can also show the day-ahead electricity price for 34 European countries, allowing consumers to adjust their electricity consumption with the renewable share accordingly. The app, PowerSignal, uses a ‘traffic light’ that varies its color based on the relationship between the current renewable share and the average over the last five years for the respective month.</p>


Daily News Wrap-Up: MPERC Rejects Plea for Imposing Grid Support Charges on Rooftop Solar


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					</table><p>World leaders settled for a weaker text that spoke of ‘transitioning away’ from fossil fuels instead of a more definitive ‘phase-out’ at the <a href="https://www.cop28.com/" target="_blank" rel="noopener">COP28</a> climate summit in Dubai.</p>
<p>After lengthy deliberations that went beyond the scheduled close of the two-week event, the declaration called on nations to contribute to ‘transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, to achieve net zero by 2050.’</p>
<p>That the parties agreed to even this in the face of steadfast opposition to the use of ‘phase-out’ by oil-producing nations is in itself a move forward, even if critics view the language in the declaration as not compelling enough for countries to initiate action to achieve net zero.</p>
<p>In all, 198 countries were signatories to the ‘UAE Consensus.’</p>
<p>While calling for tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030, the conference also wanted efforts towards the phase-down of unabated coal power accelerated.</p>
<p>The nations also agreed on hastening efforts toward zero- and low-emission technologies, including renewables, nuclear, abatement, and removal technologies such as carbon capture and utilization and storage, particularly in hard-to-abate sectors, and low-carbon hydrogen production.</p>
<p>Earlier during the conference, India had <a href="https://www.mercomindia.com/india-says-no-triple-renewables-cop28" target="_blank" rel="noopener">refused</a> to sign a pledge endorsed by some 118 countries to triple renewable energy capacity by 2030 and simultaneously phase out coal.</p>
<p>The conference noted that over the past decade, the unit costs of several low-emission technologies have fallen continuously, notably wind power and solar power and storage, thanks to technological advancements and economies of scale</p>
<p>Other decisions that were taken at the conference included:</p>
<ul>
<li>Accelerating and substantially reducing non-carbon-dioxide emissions globally, including in particular methane emissions, by 2030</li>
<li>Accelerating the reduction of emissions from road transport on a range of pathways, including through the development of infrastructure and rapid deployment of zero and low-emission vehicles</li>
<li>Phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions as soon as possible</li>
</ul>
<p>In a report in September, the International Monetary Fund said total fossil fuel subsidies <a href="https://www.mercomindia.com/global-fossil-fuel-subsidies-exacerbating-climate-crisis" target="_blank" rel="noopener">amounted</a> to a whopping $7 trillion in 2022, or 7.1% of global GDP.</p>
<p>The conference was concerned that, despite progress, global greenhouse gas emissions trajectories are not yet in line with the temperature goal of the Paris Agreement and that there is a rapidly narrowing window for raising ambition and implementing existing commitments in order to achieve it.</p>
<p>It said the carbon budget consistent with achieving the Paris Agreement temperature goal is now small and rapidly depleted. It acknowledged that historical cumulative net carbon dioxide emissions already account for about four-fifths of the total carbon budget for a 50% probability of limiting global warming to 1.5 °C.</p>
<p><strong>Adaptation finance needs</strong></p>
<p>The COP28 declaration highlighted that the adaptation finance needs of developing countries are estimated at $215–$387 billion annually up until 2030 and that about $4.3 trillion per year needs to be invested in clean energy up until 2030, after that increasing to $5 trillion per year up until 2050, to be able to reach net zero emissions by 2050.</p>
<p>It called for scaling up new and additional grant-based, highly concessional finance and non-debt instruments, which are critical to supporting developing countries, particularly as they transition in a just and equitable manner.</p>
<p>The conference recognized the role of the private sector and the need to strengthen policy guidance, incentives, regulations, and enabling conditions to reach the scale of investments required to achieve a global transition towards low greenhouse gas emissions and climate-resilient development.</p>


COP28 Settles for Milder ‘Transitioning Away’ Versus ‘Phase-out’ of Fossil Fuels


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					</table><p>India has not endorsed a pledge signed by over 118 countries at the ongoing <a href="https://www.cop28.com/en/" target="_blank" rel="noopener">COP28</a> summit in Dubai to triple renewable energy capacity by 2030, as doing so would have meant committing to a deal on phasing down coal.</p>
<p>India’s stance does not come as a surprise. In recent months, India has made it clear it would not <a href="https://www.mercomindia.com/cop28-indias-coal-to-clean-commitments-jeopardy" target="_blank" rel="noopener">yield</a> to any pressure to abandon its plan to augment the capacity of coal-fired power plants to meet <a href="https://www.mercomindia.com/indias-power-demand-rise-sharply-256-gw-2024-25" target="_blank" rel="noopener">burgeoning</a> power demand. It has maintained that the power demands of a growing economy are a priority that it cannot jettison.</p>
<p>India’s power minister, R K Singh, recently said, “COP28 is going to be held in UAE. There is going to be pressure on nations at COP to reduce the usage of coal. We are not going to do this since our point of view is clear that we are not going to compromise on the availability of power for our growth, even if it requires that we add coal-based capacity.”</p>
<p>Although India committed to tripling renewables by 2030 at the September G20 Summit in New Delhi, that agreement did not mention phasing down fossil fuels.</p>
<p>India’s position is that it has done well on the renewables front, and the focus should be on reducing carbon emissions and not on the choice of fuel.</p>
<p>The <a href="https://energy.ec.europa.eu/system/files/2023-12/Global_Renewables_and_Energy_Efficiency_Pledge.pdf" target="_blank" rel="noopener">pledge</a>, led by the European Union, was signed by the United States, Australia, Japan, Canada, and the COP28 host country, UAE.</p>
<p>The COP28 pledge said: “The International Energy Agency and the International Renewable Energy Agency forecast that, to limit warming to 1.5°C, the world requires three times more renewable energy capacity by 2030, or at least 11,000 GW, and must double the global average annual rate of energy efficiency improvements from around 2% to over 4% every year until 2030.”</p>
<p>“According to the IEA and IPCC, in order to meet the Paris Agreement goal, renewables deployment must be accompanied in this decade by a rapid increase of energy efficiency improvements and the phase down of unabated coal power, in particular ending the continued investment in unabated new coal-fired power plants, which is incompatible with efforts to limit warming to 1.5°C,” the document said.</p>
<p>China, which has the largest renewable capacity in the world and continues to build coal-fired power plants, did not commit to the pledge.</p>


India Says No to Pledge to Triple Renewables and Phase Down Coal at COP28


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					</table><p><a href="https://www.mercomindia.com/longi-waaree-ja-solar-suppliers-in-1h-2023" target="_blank" rel="noopener"><strong>LONGi Solar, Waaree Energies, JA Solar, Jinko Solar, and Premier Energies were the top solar module suppliers in the first half (1H) of the calendar year 2023,</strong></a> according to Mercom’s recently released India Solar Market Leaderboard 1H 2023. The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of industry leaders. During 1H 2023, polycrystalline modules accounted for 11.6% of the total module supply, while monocrystalline modules constituted around 81.5%. Bifacial, Thin Film and HJT modules accounted for approximately 7% of the supply.</p>
<p><a href="https://www.mercomindia.com/juniper-avaada-win-recpdcls-wind-auction" target="_blank" rel="noopener"><strong>Juniper Green Energy and Avaada Energy have won REC Power Development and Consultancy’s auction to set up 100 MW of inter-state transmission system-connected wind power projects in India.</strong></a> Juniper won 50 MW, quoting ₹3.58 (~$0.0430)/ kWh. Avaada won the remaining 50 MW at ₹3.59 (~$0.0431)/ kWh. The tender was floated in July.</p>
<p><a href="https://www.mercomindia.com/sjvn-green-energy-ists-connected-wind-projects" target="_blank" rel="noopener"><strong>SJVN Green Energy, a subsidiary of SJVN, has invited bids to develop Inter-State Transmission System-connected wind power projects of up to 300 MW anywhere in India and to operate and maintain</strong></a> them for five years. The 300 MW will be divided into Project-I, with a capacity of 100 MW, and Project-II, with a capacity of 200 MW. Bidders can participate in either or both projects. The last date for the submission of bids is December 7, 2023. Bids will be opened the same day. The scope of the work includes identifying and acquiring land, obtaining statutory clearances, coordinating with government agencies, designing, engineering, procuring, manufacturing, transporting, constructing, and commissioning.</p>
<p><a href="https://www.mercomindia.com/coal-india-35-mw-solar-maharashtra" target="_blank" rel="noopener"><strong>CIL Navikarniya Urja, a wholly-owned subsidiary of Coal India, has invited bids to commission 35 MW of solar power projects along with the associated transmission system in Maharashtra.</strong></a> Only empaneled engineering, procurement, and construction contractors can participate in this tender. The last day to submit the bids is December 8, 2023. Bids will be opened on December 11. The projects will be implemented across 11 locations spanning three areas within Western Coalfields. Majri will house 23 MW, Wani (7 MW), and Chandrapur (5 MW).</p>
<p><a href="https://www.mercomindia.com/renew-commissions-ists-gw-of-renewables-in-karnataka" target="_blank" rel="noopener"><strong>Indian renewable energy project developer ReNew has commissioned its first interstate transmission system project, the Koppal Transmission Program, which aims to facilitate the transmission of 1.5 GW</strong></a> of renewable energy in Karnataka. Awarded in the financial year 2022, the program encompasses the construction of a new 400/220 kV substation at Koppal, a 276 Ckt Km 400 kV D/C quad moose transmission line, and an extension of the 400 kV GIS Bays at the Powergrid Narendra (New) Substation. Following the commissioning of the 1,500 MW Koppal Transmission program, the remaining transmission for 3,500 MW is anticipated to be completed by June 2024.</p>
<p><a href="https://www.mercomindia.com/cop28-indias-coal-to-clean-commitments-jeopardy" target="_blank" rel="noopener"><strong>With a fortnight to go for COP28 in Dubai and when some 60 nations are said to be working on a deal to triple renewable energy capacity targets until 2030 and move away from coal, India’s coal-to-clean</strong></a> commitments are in danger of coming apart. There is still no word on whether India would back the deal, but it has left no one in doubt on where it stands on coal. Reports say the U.S., EU, and UAE want India and China to say yes to the deal, given that the two countries are not doing enough to phase down coal. In September, under India’s presidency, the G20 group of nations had pledged to accelerate efforts to phase down unabated coal power in line with national circumstances.</p>
<p><a href="https://www.mercomindia.com/uk-aims-to-fast-track-renewable-energy-projects-grid-connection" target="_blank" rel="noopener"><strong>Ofgem, the U.K.’s energy regulator, has introduced new rules to unclog the electricity grid connection queue, specifically targeting the pace of connecting renewable energy and storage projects to the grid</strong></a>. The regulator is working to expedite over 90% of queued megawatt-scale projects slated for connection dates in 2030 and beyond. The rules integrate milestone-driven queue management to accelerate grid connections, eliminate stalled projects hindering high-voltage transmission lines, and advance net-zero energy generation and storage targets.</p>
<p><a href="https://www.mercomindia.com/maxeon-solar-q3-revenue-falls-17-yoy" target="_blank" rel="noopener"><strong>Solar module manufacturer Maxeon Solar Technologies recorded a revenue of $227.6 million during the third quarter (Q3) of FY 2023, a decrease of 17% year-over-year (YoY) from $275.4 million.</strong></a> The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss stood at $19.9 million, a YoY decrease of 42% compared to an EBITDA loss of $34.5 million. Maxeon recorded a net loss of $108.3 million during Q2 FY 2023, a 142% YoY increase from a net loss of $44.7 million. The company witnessed a 61% YoY uptick in operating expenses at $66.5 million.</p>


Daily News Wrap-Up: Top Solar Module Suppliers for 1H 2023


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					</table><p>With a fortnight to go for COP28 in Dubai and when some 60 nations are said to be working on a deal to triple renewable energy capacity targets until 2030 and move away from coal, India&#8217;s coal-to-clean commitments are in danger of coming apart.</p>
<p>There is still no word on whether India would back the deal, but it has left no one in doubt on where it stands on coal. Reports say the U.S., EU, and UAE want India and China to say yes to the deal, given that the two countries are not doing enough to phase down coal.</p>
<p>In September, under India&#8217;s presidency, the G20 group of nations had pledged to accelerate efforts to phase down unabated coal power in line with national circumstances.</p>
<p>India&#8217;s Power and New &amp; Renewable Energy Minister R K Singh has now said India cannot be <a href="https://www.mercomindia.com/india-renewable-power-capacity-fy24" target="_blank" rel="noopener">pressured</a> into reducing its coal usage to generate electricity.</p>
<p>&#8220;COP-28 is going to be held in UAE. There is going to be pressure on nations at COP to reduce the usage of coal. We are not going to do this since our point of view is clear that we are not going to compromise on the availability of power for our growth, even if it requires that we add coal-based capacity,&#8221; he recently told a conference of power ministers of states.</p>
<p>Singh&#8217;s comments to the conference come in the wake of a series of moves by the <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> this year to increase coal-based thermal power generation capacity. At the same event, Power Secretary Pankaj Agarwal said India would likely add 10 GW of thermal capacity this financial year and a renewable capacity of 21 GW. He also said up to 75 GW of additional coal-based fleet would be required by 2031-32 to cater to the fluctuating demand impacted by extreme weather events.</p>
<p>Last month, the government directed all coal-based plants to increase the imported coal blending limit from 4% to 6%, besides extending the validity of Section 11 of the Electricity Act until June 2024. The Act mandates that a generating company must, in extraordinary circumstances, operate and maintain any generating station in accordance with the government&#8217;s directions.</p>
<p>Karnataka, which has been facing a big power deficit, too <a href="https://www.mercomindia.com/karnataka-procure-power-meet-shortage" target="_blank" rel="noopener">invoked</a> the emergency provision in October.</p>
<p>Early this month, the Power Ministry sent out an advisory to the states to encourage generating companies under their administrative control to take over stressed thermal power assets of over 6 GW by participating in the Corporate Insolvency Resolution Process. These stressed power assets are of commercial significance to the capacity addition plans of the states.</p>
<p>India&#8217;s pedaling back on phasing down coal commitments reflects the difficulty in meeting the country&#8217;s galloping power demand. States have been told to run power plants at full capacity, even as coal stocks at several units are bottoming out. The Central Electricity Authority has <a href="https://www.mercomindia.com/indias-power-demand-rise-sharply-256-gw-2024-25" target="_blank" rel="noopener">forecast</a> an all-India peak power demand of 256.53 GW in the financial year 2024-25, rising sharply from 2023-24 when a peak of 240 GW was witnessed.</p>
<p>The rising power demand has coincided this year with a drop in renewable generation, mainly hydroelectricity, following a weak monsoon.</p>
<p>India has targeted 50% installed power capacity from non-fossil fuel sources by 2030, but thermal generation still continues to be India&#8217;s mainstay. Between April and September this year, thermal contributed 72.83% to the overall generation, as against 24.15% from renewables.</p>
<p>Understandably, India is prioritizing meeting national priorities over rushing to achieve its energy transition goals. India&#8217;s economy is growing at a fast pace, and any disruption on the power front can cause a setback.</p>
<p>&#8220;Being prudent and thoughtfully planning out the energy transition to avoid disruptions to power supply and higher energy costs is not a bad thing. However, the transition to renewables should be a top priority to avoid losing out on the incredible opportunities they represent,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>Many countries, especially in Europe, have had to reset their coal exit plans after the Russia-Ukraine war in 2022. Crippled by the stop in Russian gas supplies, Germany had to reconnect a few coal-fired power plants to the grid to keep its economic engine running. France followed suit.</p>


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