India needs $293 billion to triple renewable energy capacity by 2030: Report

Just ahead of COP28, a report released by global energy think tank Ember on Wednesday said that India needs a whopping USD 293 billion to achieve its  goal to triple renewable energy capacity by 2030.

The International Energy Agency (IEA) says the world must triple its renewable energy capacity and double energy efficiency by 2030 to decrease the need for fossil fuels and limit global warming to 1.5 degrees Celsius by the end of the century.

Ember's analysis reveals that India requires an additional financing of USD 101 billion (one billion=Rs 100 crore) to further expand its renewable energy capacity and align with the IEA's proposed net-zero scenario.

The IEA's Net Zero Emissions by 2050 Scenario outlines a global pathway to achieve net zero CO2 emissions by 2050, with advanced economies reaching net zero emissions ahead of others.

In climate terms, net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out.

The Ember report suggests that India is already planning a substantial increase in renewable energy, making it feasible to achieve the goal of tripling renewable energy capacity.

If India wants to achieve "net-zero" status as per the IEA plan then India would need to generate around 32 per cent of its energy from solar and 12 per cent from wind by 2030. To achieve this, India will need to add an additional capacity of 115 GW of solar and 9 GW of wind by 2030, on top of the targets set in its NEP14 plan. This will increase India's total renewable capacity to 448 GW of solar and 122 GW of wind by 2030.

India's current goal is to reach 500 GW of installed electricity capacity from non-fossil fuel sources by 2030.Between 2023 and 2030, the country requires USD 293 billion to meet its current goals for solar and wind power, the report said.

However, to further expand the country's renewable energy capacity to align with the IEA net-zero pathway, it will need an additional USD 101 billion.

The think tank highlighted issues such as payment delays and unfavourable rules and regulations that deter investors from providing the necessary funding to achieve these goals.

(With PTI Inputs)