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New Delhi, Nov 5 (KNN) India saved over USD 100 billion in coal and natural gas import costs between 2011 and 2025 through its rapid renewable energy expansion, strengthening energy security and boosting its position in global clean energy markets, according to an International Energy Agency (IEA) report.
India's renewable power capacity has nearly quadrupled over the past decade, crossing 300 GW in 2026. It is now the world's second-fastest-growing renewables market and second-largest manufacturer of solar photovoltaic (PV) modules, the India Renewable Energy Market Report 2026 said.
Launched at the Bharat Renewable Energy Summit, the report noted that India achieved its target of 50 per cent non-fossil fuel-based installed power capacity in 2025, five years ahead of schedule.
Cumulative savings on fossil fuel imports are projected to more than double by 2030. The IEA estimated that without the solar, wind and bioenergy capacity added since 2010, India's coal imports in 2025 would have been around 110 million tonnes higher.
Renewable Capacity Expected To Reach 530 GW By 2030
The IEA projects India's renewable power capacity to reach around 530 GW by 2030, with solar PV accounting for over 80 per cent of the additions. Achieving longer-term targets will require sustained investment in supporting infrastructure.
IEA Executive Director Fatih Birol said India's renewable energy expansion was strengthening energy security amid global market uncertainties, adding that consistent policies had helped reduce costs and attract investment.
Union Minister for New and Renewable Energy Pralhad Joshi said rising electricity demand would require further investment in domestic manufacturing, transmission infrastructure and renewable energy capacity.
He also acknowledged the IEA's continued engagement with India in advancing a secure, affordable and sustainable energy future.
Domestic Manufacturing And Hybrid Projects Gain Momentum
India's renewable energy expansion is creating opportunities to boost domestic manufacturing and diversify global clean energy supply chains, particularly in solar PV, while reducing dependence on imported fossil fuels.
The IEA attributed rapid capacity additions partly to competitive auctions, which have helped deliver some of the world's lowest solar PV generation costs. India has also emerged as a leader in procuring hybrid renewable energy projects that combine multiple sources to improve supply reliability.
Growth is extending beyond large-scale projects, driven by rooftop solar, corporate renewable energy procurement and expanding domestic manufacturing.
These developments could strengthen India's position in global solar manufacturing and reduce dependence on concentrated supply chains. However, sustaining this advantage will depend on scaling production and maintaining cost competitiveness.
Grid Infrastructure, Storage Key To Sustaining Growth
India's next phase of renewable energy expansion will depend increasingly on integrating intermittent generation into the electricity grid, the IEA said.
Key challenges include inadequate grid infrastructure, limited energy storage, insufficient system flexibility, the financial health of power distribution utilities and project execution delays.
The report estimated that faster investment in transmission networks, energy storage and system flexibility, alongside improved utility finances and reduced project delays, could accelerate renewable capacity deployment by over 20 per cent during 2026-2030.
(KNN Bureau)
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