‘India must spend up to $385 bn for RE goal’

• India will have to invest as much as $385 billion to meet its target of 500 gigawatts (GW) of renewable energy (RE) by 2030, but coal will remain a key source of electricity generation for the next decade

Highlights:

• India, a major greenhouse gas emitter,
  • Aims to ramp up non-fossil fuel capacity by 50 GW each year to help meet the 500 GW target.
  • It missed its target of 175 GW by 2022.
• India will have to spend
  • $190 billion to $215 billion on capacity over the next six to seven years and
  • another $150 billion to $170 billion for transmission and distribution,
• India’s strong policy support boosted the RE share to about 43% in its power capacity mix in fiscal 2023-24, attracting private investments.

Creating a Sustainable World

• India is the 3rd largest energy consuming country in the world.
• India stands 4th globally in Renewable Energy Installed Capacity
• The country has set an enhanced target at the COP26 of 500 GW of non-fossil fuel-based energy by 2030.
• This has been a key pledge under the Panchamrit. This is the world's largest expansion plan in renewable energy.

Prelims takeaway:

• Renewable Energy
• Carbon Net zero