INDIA'S 2030 RENEWABLE ENERGY GOAL: FINANCE CHALLENGES AHEAD

India’s 14th National Electricity Plan (NEP) sets it on a path to more than triple its renewable energy capacity by 2030, but the country needs a whopping USD 293 billion to achieve this, according to a report released by global energy think tank Ember.

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.

Led by the US, the European Union (EU), and the UAE, over 60 countries now support the commitment to triple renewable energy and double energy efficiency.

While the G20 nations have endorsed tripling renewable energy capacity by 2030 under India’s presidency, the UAE, hosting this year’s UN climate conference, advocates for a global agreement on this at COP28.

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.