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"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions"

"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions" India’s state-owned refiners are expediting payments for Russian crude oil to complete transactions before expanded US sanctions take effect. These refiners now settle payments within two days instead of the usual five, aiming to secure discounted Russian oil while navigating an increasingly restricted global trade environment. The urgency stems from Washington's announcement of stricter sanctions targeting Russia’s oil industry, which are set to take effect next month. Refiners are keen to ensure transactions are completed during the “wind-down” period allowed for pre-sanctioned cargoes. At least 4.4 million barrels of Russian oil are en route to Indian ports like Jamnagar, Chennai, Paradip, and Visakhapatnam. Among these shipments is the tanker Mercury , carrying over 1 million barrels of Russian Urals crude, expected to arrive in Paradip soon. This vessel loaded its cargo in mid-December ...
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India Achieves Record Renewable Energy Growth in 2024

India Achieves Record Renewable Energy Growth in 2024

India made remarkable progress in renewable energy development during 2024, setting unprecedented records with the addition of 24.5 gigawatts (GW) of solar capacity and 3.4 GW of wind capacity. These milestones represent a significant leap in India’s clean energy journey, with solar energy taking center stage. According to a report by JMK Research, the solar sector witnessed a twofold increase in installations compared to 2023, while wind energy capacity grew by 21%.

With these developments, India’s total renewable energy (RE) capacity reached 209.44 GW by the end of 2024, reinforcing the country’s position as a global leader in sustainable energy. Solar power alone accounts for 47% of this capacity, cementing its role as the largest contributor to India’s renewable energy mix.


Solar Energy: The Brightest Spot

The year 2024 marked a turning point for solar energy in India, with the country achieving its highest-ever annual solar capacity additions. This growth was driven by three key segments: utility-scale solar, rooftop solar, and off-grid solar.


Utility-Scale Solar

India added a staggering 18.5 GW of utility-scale solar capacity in 2024, nearly 2.8 times higher than in 2023. This sector remains the backbone of India’s solar energy ecosystem, contributing significantly to the country’s renewable energy targets.


Top Performing States

Rajasthan: Leading the way with 7.09 GW, Rajasthan continues to capitalize on its vast desert landscapes and abundant sunlight.

Gujarat: Adding 4.32 GW, Gujarat has established itself as a solar powerhouse through extensive investments and supportive policies.

Tamil Nadu: With 1.73 GW of new installations, Tamil Nadu leveraged its infrastructure and strong government backing.

These three states collectively accounted for 71% of the total utility-scale solar capacity added in 2024.


Rooftop Solar

The rooftop solar segment experienced an impressive surge in 2024, with 4.59 GW of new installations—a 53% growth compared to 2023. This expansion is largely attributed to the PM Surya Ghar: Muft Bijli Yojana, a government initiative introduced earlier in the year.

Under this scheme, over 7 lakh rooftop solar systems were installed across the country within just 10 months, providing affordable and sustainable energy solutions for residential and commercial consumers. By empowering households and businesses to adopt solar energy, this program has significantly contributed to India’s clean energy transition.


Off-Grid Solar

The off-grid solar segment also witnessed remarkable growth, adding 1.48 GW of capacity in 2024—a staggering 197% increase from the previous year. Off-grid solar solutions have proven particularly effective in rural and remote areas, where they provide reliable energy access and reduce dependence on traditional power sources.


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Wind Energy: Steady Progress

While solar energy stole the spotlight in 2024, the wind energy sector also delivered commendable results, with 3.4 GW of new capacity added during the year. This represents a 21% increase compared to 2023, highlighting steady growth in this crucial segment.


Top Performing States

Gujarat: Contributing 1,250 MW, Gujarat maintained its leadership in wind energy installations, leveraging its extensive coastline and favorable wind conditions.

Karnataka: With 1,135 MW, Karnataka continued to make significant strides in wind energy development.

Tamil Nadu: Adding 980 MW, Tamil Nadu further solidified its position as a renewable energy hub.

These three states accounted for an overwhelming 98% of India’s total wind energy capacity additions in 2024.


Driving Factors Behind Renewable Energy Growth

Several key factors contributed to India’s record-breaking renewable energy achievements in 2024:

1. Government Initiatives: Policies such as the PM Surya Ghar Yojana played a pivotal role in accelerating solar adoption, particularly in the rooftop and off-grid segments.

2. Financial Investments: Increased funding and incentives for large-scale renewable projects enabled faster deployment and technological advancements.

3. State-Level Leadership: States like Rajasthan, Gujarat, and Tamil Nadu emerged as frontrunners in renewable energy, thanks to their proactive policies and geographical advantages.

4. Private Sector Participation: Collaboration with private players and foreign investors brought additional resources and expertise to India’s renewable energy market.


Impact on India’s Renewable Energy Goals

India’s renewable energy capacity expansion in 2024 underscores its commitment to achieving ambitious climate goals. By prioritizing solar and wind energy, the country is making significant strides toward its target of 500 GW of non-fossil fuel capacity by 2030.

The addition of renewable energy capacity not only reduces India’s carbon footprint but also strengthens energy security, promotes economic growth, and creates employment opportunities across various sectors.


Challenges and the Road Ahead

Despite these achievements, several challenges remain on India’s path to a sustainable energy future. These include:

Grid Infrastructure: Upgrading and expanding the grid to accommodate increasing renewable energy capacity.

Policy Alignment: Ensuring consistency in policies across states to attract investments and streamline project implementation.

Financing: Securing sufficient funding for large-scale projects and incentivizing small-scale installations.

Addressing these challenges will require continued collaboration between the government, private sector, and international stakeholders.


Conclusion

India’s renewable energy success story in 2024 highlights its growing leadership in the global transition to clean energy. With record-breaking additions in solar and wind capacity, the country is well on its way to meeting its climate goals and reducing dependence on fossil fuels.

As India continues to invest in sustainable energy solutions, the year 2024 serves as a testament to what can be achieved through innovation, collaboration, and a shared commitment to a greener future.

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