Record $14.5 bn investment in Indian renewable energy sector, says IEEFA

Investment in renewable energy in India reached a record $14.5 billion in the last fiscal (2021-22), an increase of 125 per cent compared to FY2020-21 and 72 per cent over the pre-pandemic FY2019-20, a new report by the Institute for Energy Economics and Financial Analysis (IEEFA) said on Thursday.

“The surge in renewables investment comes on the back of the revival of electricity demand after the Covid-19 lull and commitments by corporations and financial institutions to net-zero emissions and to exit fossil fuels,” said the report’s author Vibhuti Garg, Energy Economist and Lead India, IEEFA.

“After falling by 24 per cent from $8.4 billion in FY2019-20 to $6.4 billion in FY2020-21 when the pandemic curbed electricity demand, investment in renewable energy has made a strong comeback,” Garg added.