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India saved over INR 4 lakh crore (approximately USD 46 billion) in fossil fuel and pollution-related costs in 2024, thanks to its growing renewable energy capacity. A report by the International Renewable Energy Agency (IRENA) highlights that these savings came from avoiding USD 14.9 billion in fossil fuel expenses and preventing 410.9 million tonnes of CO2 emissions, alongside realizing USD 31.7 billion in air pollution benefits. India's renewable energy, especially solar PV, is noted as the second cheapest globally after China, with costs consistently falling due to efficiency and innovation, positioning the country as a leader in cost-effective green energy.
India gained significant financial and environmental benefits in 2024 by increasing its renewable energy capacity. According to a report by the International Renewable Energy Agency (IRENA), the country saved over USD 46 billion, which is approximately INR 4 lakh crore, in costs related to fossil fuels and pollution. Advertisement
These savings were achieved by avoiding USD 14.9 billion in fossil fuel expenses. Additionally, India prevented 410.9 million tonnes of carbon dioxide (CO2) emissions and realized USD 31.7 billion in benefits linked to reduced air pollution.
The IRENA report points out that India's levelised cost of electricity (LCOE) for renewables is the second cheapest globally, following only China. Both India and China have consistently recorded the lowest costs across various renewable technologies. In India, solar PV (photovoltaic) costs have dropped to USD 0.038 per kilowatt-hour (kWh), making it a very competitive energy source.
On a global scale, the addition of 585 gigawatts of new renewable power capacity in 2024 helped avoid fossil fuel use worth USD 57 billion. The article also notes a large drop in the global average LCOE of utility-scale solar PV plants. This cost fell by 90 percent between 2010 and 2024, from USD 0.417 per kWh to USD 0.043. This trend is linked to factors such as better manufacturing efficiency, optimized production, and design innovation, all of which are expected to make solar PV even more competitive in the future.
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