New Delhi, Jan 14 (Blitz India Business) Cleantech energy supply spending is projected to reach $670 billion globally in 2025, surpassing fossil fuel investments for the first time, and India has a bright spot in it, according to a report on Tuesday.
Solar photovoltaic (PV) is expected to account for half of all cleantech investments, according to the report by S&P Global Commodity Insights.
“In recent years, government programmes like the US Inflation Reduction Act and India’s production-linked incentive have promoted domestic clean energy technology production to create local jobs and enhance supply chain resilience,” the report mentioned.
The ongoing antidumping investigation in the US into cell exports from four Southeast Asian countries, which announced high preliminary tariffs on November 29, 2024, for exports from all four countries, has the potential to significantly reshape the global PV manufacturing landscape
According to the report, India is aggressively ramping up its PV manufacturing capacity, targeting exports to the US market to take advantage of the trade tensions between the US and China.
India’s total renewable energy installed capacity recorded a robust double-digit growth of 15.84 per cent to touch 209.44 GW, as of December 2024, from 180.80 GW in December 2023.
The total capacity added during 2024 amounted to 28.64 GW, representing a significant year-on-year increase of 119.46 per cent compared to the 13.05 GW added in 2023, according to the latest government data.
The data further showed that the solar power sector spearheaded this growth with the addition of 24.54 GW, reflecting a 33.47 per cent rise in its cumulative installed capacity from 73.32 GW in 2023 to 97.86 GW in 2024.
The report mentioned that battery energy storage is becoming essential for improving project economics, especially in regions with high renewable penetration.
“Long-duration energy storage systems are anticipated to double in installations by 2025. AI applications in renewable generation forecasting and grid planning are gaining traction, enhancing energy management and integration of renewable sources into the grid,” the report mentioned.
Data centres are projected to source approximately 300 Terawatt hours (TWh) of clean power annually by 2030, significantly increasing their contribution to corporate clean energy procurement.