Powering up India by Renewables Can Light the World’s Path to Sustainable Economic Growth

In 2023, the United Nations confirmed that India surpassed China as the most populous country on Earth, with its population rising to more than 1.43 billion. At the same time, the International Monetary Fund cited India as the fastest-growing economy in the world, with its GDP up 8.4% in the final quarter of 2023.

With that growth comes soaring energy demands. At COP28 in Dubai in November, Indian Prime Minister Narendra Modi was among the global leaders who committed to triple renewable energy capacity by 2030, and India has set a target of 500 GW of renewable capacity by the end of the decade. For comparison, a single gigawatt delivers enough energy to power 400,000 homes.

To achieve this goal, India must quadruple solar capacity coming online each year, and increase new annual wind capacity by more than four and a half times, according to Bloomberg New Energy Finance. 

India’s challenge is to maintain its high rate of economic growth while simultaneously reducing its reliance on fossil fuels. By expanding its use of clean energy, India can serve an example to the developing world as energy demand rises.

Tata Power Renewable Energy Limited is leading India’s efforts to connect even the most remote communities to 24-hour clean energy supplies.

“India has the ability to contribute significantly to reduction of carbon emissions,” says Deepesh Nanda, CEO of Tata Power Renewable Energy.

Supported by a $525 million investment from Mubadala, the sovereign investment company based in Abu Dhabi, Tata Power Renewable Energy is ramping up its renewable energy assets from an installed base of 4.2 GW to 8.2 GW. The company has commissioned a large-scale solar cell and module manufacturing facility and 4.3 GW solar farm in Tirunelveli, Tamil Nadu.

Mubadala’s vision in identifying the future role of renewables dates back to 2006, when it established Masdar, a UAE-based global renewable energy company. Today, Masdar is one of the world’s leading renewable energy investors, providing accessible, affordable and clean electricity in multiple fast-growing nations.

“The good news,” says Abdulaziz Alobaidli, Masdar’s Chief Operating Officer, “is that every country in the world has a source of renewable energy—solar or wind, geothermal or hydropower. That will allow every community in the world to locally produce electricity and meet their own demands.”

By 2030, Masdar will have increased its renewable energy capacity by fivefold to reach 100 GW, the equivalent to five times the energy needs of Abu Dhabi. The company has launched major initiatives in emerging markets across the world.

These projects include the Cirata floating solar plant, which covers 250 hectares of a reservoir in Indonesia with 340,000 PV panels that power more than 50,000 homes. In Uzbekistan, Masdar is building the largest wind farm in Central Asia. The company is providing the financing and supply chain solutions to enable nations around the world to reduce their dependence on fossil fuels.

”We live on one planet, so the solution to climate change is a global solution,” says Alobaidli, “We at Masdar are committed to not leaving any community behind.”

In India, where the government is set to tender for 50 GW of renewables each year until 2030, Tata Power Renewable Energy has deployed rooftop solar panels to power 350 cities in India and bring electricity to the country’s hinterland.

India’s embrace of clean energy, embodied in the green technology innovations and rapid expansion of Tata Power Renewable Energy, can be a beacon for fast-growing countries around the world.

With the energy needs of its expanding economy set to increase by 250% in the next 30 years, India can demonstrate that a reliable supply of clean electricity can provide the simultaneous benefits of empowering remote communities, boosting national prosperity and reducing carbon emissions.

“India is a very good example in the world of coming up with an ecosystem where you solve for cost of electricity, you solve for sustainability and you solve for fuel security,” says Nanda. “There is massive growth potential.”

From Tamil Nadu to Uzbekistan, a cleaner and brighter future beckons.