AKIPRESS.COM - Over the next 14 years, India is on course to become the world’s fourth-largest consumer of renewable energy, after China, United States and European Union, predicts the International Renewable Energy Agency’s (IRENA) report Road Map For A Renewable Energy Future, 2016.

Renewable energy will account for 40% (two-fifths) of power generation in India by 2030, if global renewable energy supplies double, said the report.

India has embarked on a fast-track renewable-energy mission under the National Democratic Alliance government, particularly solar energy.

Solar and wind energy projects in India are expected to attract investments of $20 billion each year from the coming fiscal until 2018-19, according to the Indian Renewable Energy Development Agency.

Currently, India ranks seventh in terms of installed renewable capacity with 31 GW in 2014, according to the Renewable Energy Policy Network For 21st Century’s (REN21’s) Renewables 2015 Global Status Report.

Installed renewable capacity in India grew 25%, from 31.7 giga watts (GW) in March 2014, to 39.5 GW in January 2016. Similarly, installed solar-power capacity doubled from 2.6 GW to 5.2 GW over the same period.