The country saved an estimated $14.9 billion in fossil fuel expenses and avoided 410.9 million tonnes of carbon dioxide emissions over the year. Additionally, it accrued around $31.7 billion in air pollution-related health and environmental benefits—bringing the total savings to over $46.6 billion.
Globally, renewable energy additions helped avoid $467 billion in fossil fuel costs in 2024, highlighting their role not only as the lowest-cost source of new power but also as a vital contributor to energy security, economic resilience, and climate action.
Renewables continued to dominate the global power generation landscape in 2024. On a levelised cost of electricity (LCOE) basis, 91% of newly commissioned utility-scale renewable projects delivered electricity at lower costs than the cheapest fossil fuel-based alternatives.
India’s renewable sector stood out for its cost efficiency. The country recorded one of the lowest total installed costs (TICs) for solar photovoltaic (PV) systems globally at $525/kW, while its average LCOE for solar PV dropped to $0.038/kWh, below the global average.
For onshore wind, China and Brazil led with LCOEs of $0.029/kWh and $0.030/kWh, respectively, reflecting the sector’s maturity in those markets.
By the end of 2024, global installed solar PV capacity surpassed 1,859 GW, with a record 452 GW added during the year—up 26.7% from 2023. Solar PV led all renewable technologies in capacity additions, with 262 GW coming from utility-scale projects, making up 58% of total new installations.
China dominated global solar additions, accounting for around 64% of new utility-scale solar projects, followed by the United States and India.
The report also spotlighted India’s Sustainable Alternative Towards Affordable Transportation (SATAT) programme, launched in 2018, which aims to scale up the production of compressed biogas (CBG) from waste and biomass sources.
With a target of generating 15 million tonnes of CBG from 5,000 plants, SATAT focuses on decentralised production by local entrepreneurs who supply fuel to public-sector oil marketing companies. These projects convert agricultural residues, cattle dung, and municipal waste into clean energy.
The model supports rural livelihoods, promotes waste-to-energy innovation, and reduces India’s reliance on imported natural gas—enhancing energy security and protecting the economy from global fuel price volatility.
IRENA highlighted SATAT as a successful example of policy-led bioenergy growth in emerging markets, leveraging public-private partnerships, decentralised infrastructure, and integration into existing city gas distribution networks to extend clean fuel access to underserved regions.