India will need USD 223 billion of investment to meet its goal of wind and solar capacity installations by 2030, according to a new report by research company BloombergNEF (BNEF).
The government has set a target of increasing non-fossil power capacity to 500 GW by 2030. It wants non-fossil fuel power sources to provide half of its electricity supply by 2030.
“To achieve this target, India needs to massively scale up funding for renewables,” the report said, adding that USD 223 billion is required over the next eight years just to meet the solar and wind capacity targets.
At COP26 in November 2021, Prime Minister Narendra Modi announced that India plans to reduce emission intensity by more than 45 per cent by 2030 to below 2005 levels. He also announced a net-zero by 2070 target.
