The green energy sector had a transformative year in 2024, marked by significant milestones, global innovations, and promising projects that underscore the transition to sustainability.
India’s Renewable Energy Strides
India made exceptional advance in renewable energy, coming to a add up to introduced capacity of 214 GW by the conclusion of 2024, agreeing to Ministry of New and Renewable Energy. This accomplishment brings the country closer to its yearning target of 500 GW from non-fossil fills by 2030.
Investor confidence in green projects is on the rise, with the Indian Renewable Energy Development Agency (IREDA) disbursing loans worth ₹17,236 crore in the December quarter—a 41% jump. Tata Power Trading Company also showcased corporate commitment by seeking up to 500 MW of renewable energy through an Expression of Interest.
Global Renewable Highlights
Across the globe, renewable energy milestones were equally impressive:
- UK: 2024 was its cleanest year for electricity, with wind and solar contributing 58% of the energy blend.
- US: Chicago made headlines by powering all municipal buildings with 100% renewable energy. Additionally, the Department of Energy launched a $20 million initiative to enhance solar technology through the Cadmium Telluride Accelerator Consortium.
- Europe: While wind energy supplied 20% of electricity in 2024, the continent faces challenges in building enough wind farms to meet 2030 goals.
Innovation and Future Prospects
India’s Andhra Pradesh is setting a modern benchmark with a green hydrogen project expected to generate 20 GW of clean electricity and 1,200 tonnes of green hydrogen daily. The initiative is poised to create 25,000 jobs and demonstrates the growing potential of green hydrogen in decarbonizing energy systems.
Globally, renewable energy capacity grew by a record-breaking 530 GW in 2024, pushing total green capacity beyond 4,000 GW for the first time, according to IRENA. However, this pace needs to double to meet climate goals.
Looking Ahead
The momentum in renewable energy is undeniable, but challenges like infrastructure gaps and policy hurdles remain. India’s leadership in the Asian green energy market, coupled with global technological advancements, highlights the potential for a sustainable and equitable energy future. The journey ahead will focus on scaling innovation and accelerating the transition to clean energy worldwide.
