Indian Economy News

How corporates are helping achieve 86% of PM Modi's climate goals by 2030

  • IBEF
  • June 24, 2022

According to a report by BloombergNEF (BNEF), India plans to have half of its electricity supply come from non-fossil fuel sources by 2030. In order for the country to meet its targets by 2030, it needs to massively scale up funding for renewables and requires investment worth US$ 223 billion. 

According to the Central Electricity Authority of India, solar and wind power is expected to account for 51% of the total installed capacity by 2030, up from 23% in 2021, while coal's share is expected to fall from 53% in 2021 to 33% in 2030.

India has installed 165 GW of renewable energy with investments totalling over US$ 75 billion during the past eight years between 2014 and 2021. However, the country has to triple that amount to US$ 223 billion to reach its goal of 500 GW by 2030, according to a report- “Financing India’s 2030 Renewables Ambition".

Several big corporates are contributing to India's path of achieving 2030 climate goals with the top-10 independent power producers having 33 GW renewables commissioned and 46 GW in the pipeline.

Reliance Industries is leading the pack with the aim to invest US$ 10 billion to create a renewable energy ecosystem by 2024. Adani Group aims to be the world's largest solar power company by 2025 and world's largest renewable power company by 2030. Tata Power plans to build 25 GW green energy portfolio, JSW also aims to add 15GW renewables with US$ 10 billion by 2030 and NTPC targets 60 GW renewables by 2032.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.