Year-Ender 2023: Green energy stocks shine bright as India becomes global renewables leader; experts remain bullish
Renewable Energy Stocks: India's sun-drenched fields and windswept coasts are witnessing a silent revolution. Renewable energy capacity has crossed the 179.5 GW mark, making India the 4th largest player globally in both wind and solar power. This rapid green surge isn't just powering homes and industries; it's electrifying stock markets and driving India's ambitious climate goals, according to as the REN21 Renewables 2022 Global Status Report.
“India majorly imports solar panels. During the initial six months of FY24, India saw a surge in solar module imports, reaching a substantial $1,136.28 million. This surpassed the total PV panel imports for the entire FY23, which amounted to $943.53 million, according to Eninrac Consulting," said, Devansh Jain, Chair of Renewable Energy Committee, PHDCCI.
The government has set a target of 500 GW of non-fossil energy by 2030 and net-zero carbon emissions by 2070. 2023 saw a flurry of policy activity, laying the groundwork for faster growth. Structured annual auctions for 50 GW of renewable capacity, a clear roadmap for achieving Renewable Purchase Obligations (RPOs), and streamlined pricing through a Uniform Renewable Energy Tariff are just some of the initiatives propelling the sector forward, according to InvestIndia.gov report.
As of November 2023, the country's renewable capacity surpassed 180 GW, with solar leading at 72 GW, wind at 45 GW, and large hydro at 47 GW, constituting over 40 per cent of the total installed capacity, as per the report. Sun shone brightly not just on solar panels but also on Indian stock market charts in 2023. Renewable energy stocks soared, fueled by ambitious government targets, falling costs, and positive investor sentiment.
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