India would need an investment of $293 billion to triple its renewable energy capacity by 2030, says a new report by energy think tank Ember.
The International Energy Agency (IEA) has stated that the countries must work to triple renewable energy capacity to double energy efficiency, reduce dependence on fossil fuels, and limit global warming to 1.5 degrees Celsius. In the ongoing COP28 summit, 118 countries have already signed a pledge towards this goal.
The Indian government already has a target to increase renewable energy by three-fold in the 14th National Electricity Plan (NEP), which as stated, would require a $293 billion investment. However, Ember reveals that to align with the net zero objectives listed by IEA, the country would need an additional 101 billion in capital.
Moreover, India will have to produce approximately 32% of its electricity from solar and 12% from wind energy by 2030.
Ember emphasizes that India must install an extra 115 GW of solar power and 9 GW of wind power, on top of its NEP 14 targets, to achieve its goal. This would raise India’s overall renewable energy capacity to 448 GW of solar and 122 GW of wind by 2030.
“Despite investment risks, India needs financing to build capacity in renewables, storage, and transmission to meet the NEP14 targets. To further enhance ambitions to align with the global net-zero pathway, securing significantly more financing at competitive rates will be crucial to ensure India’s viability in reaching this goal. Access to this finance is critical for India to avoid constructing new coal capacity to meet its rising demand in this decade” said Neshwin Rodrigues, Ember’s India Electricity Policy Analyst.
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