India’s renewable energy ministry has obtained $386 billion in investment commitments from banks and financial institutions to help decarbonise the country. These investments aim to more than double India’s clean electricity generation by 2030, Renewables Minister Pralhad Joshi stated at the RE-Invest conference in Gandhinagar, Gujarat.
India, the third-largest carbon emitter after China and the United States, aims to reach 500 gigawatts of non-fossil capacity by 2030. To accomplish this ambitious objective, the government must install 44 gigawatts every year, double the average growth rate over the last five years, according to Bloomberg’s power ministry data.
RE-Invest brings project developers, investors, manufacturers, and the government together on one platform to address the barriers to speedier renewable installations. While India’s rising electricity demand has been attractive for investors, challenges facing setup-transmission bottlenecks, land acquisition delays, and mismanaging the power distribution network have stood in the way of their goals.
States, which run most of the power retail network, should be encouraged to offer changes accordingly for an increased share of green energy. Affordable renewable energy would promote and help bring down carbon emissions and ensure the long-term energy security of the country.
