In dia has announced its plans to reach 450 GW of renewable installed capacity by 2030, over three times the current capacity of about 135 GW.
But highlighting the challenges in effecting such a transition, a new report by Ember, a UK-based independent think-tank focussed on climate affairs, has found that India would need an investment of about 24 trillion to triple its renewable energy installed capacity by 2030. But a mere tripling of renewable capacity by India might not be an adequate contribution if the world is to align itself to a net-zero path. But if the International Energy Agency (IEA) global net zero pathways are to be met, India will need to take its renewable installed capacity to about 570 GW by 2030, requiring an additional financing of $101 billion, over and above the money required for tripling, it said. This involves an extra investment of about $68 billion for solar, $8 billion for wind, $14 billion for storage and $11 billion for transmission capacity additions bringing the total investment in this scenario to about32 trillion.
According to IEA estimates, this singular measure has the potential to avoid about 7 billion tonnes of carbon dioxide emissions between now and 2030.