The growth of renewable energy (RE) capacity in India over the last 15 years has led to impressive savings of over $100 billion in coal and natural gas import expenses, according to a recent report by the International Energy Agency (IEA).

With a remarkable 300 GW of RE capacity, India has positioned itself as the second-fastest-growing renewables market globally, bolstering its energy security. Between March 2014 and September 2026, India successfully added 168 GW of solar and 38 GW of wind capacity, while bioenergy capacity approached nearly 12 GW. Projections indicate that RE capacity could soar to 530 GW by 2030, with the IEA estimating that total savings on coal and natural gas imports might reach $240 billion by that year, provided international fuel prices remain consistent with their average levels from 2024-25. By then, annual savings are anticipated to hit around $35 billion, surpassing India’s total expenditure on non-coking coal and natural gas imports for FY25.

The India Renewable Energy Market Report 2026 revealed that, in the absence of the solar PV, wind, and bioenergy capacity added since 2010, India’s coal imports in 2025 would have surged by approximately 110 million tonnes.

“India’s journey illustrates how steadfast policies can significantly reduce renewable energy costs and draw in investments, providing essential insights for other developing nations,” remarked IEA executive director Fatih Birol.

India successfully met its goal of deriving 50% of its installed electricity capacity from non-fossil fuel sources by 2025, achieving this milestone five years ahead of its original timeline.

The IEA emphasised that the expansion of renewable energy in India transcended just large-scale facilities, fuelled by the rise of rooftop solar systems, corporate renewable energy purchases, and the growth of local manufacturing capabilities. It notably pointed out initiatives like the PM Surya Ghar Muft Bijli Yojana, which aims to boost rooftop solar adoption, and PM-KUSUM, designed to facilitate solar-powered irrigation pumps and agricultural feeders.

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