Indian Economy News

India to produce 50% energy from renewables by 2030: Prime Minister Mr. Narendra Modi at G20 meet

  • IBEF
  • November 16, 2022

Prime Minister Mr. Narendra Modi said on Tuesday at the G20 meeting in Indonesia that India is on pace to meet its goal of producing 50% of its electricity from renewable sources by 2030 while ruling out "any limits" on the supply and stability of energy.

Two days of talks between the heads of the 20 major economies are taking place in Bali in what has been called one of the most contentious and difficult G20 summits ever.

Mr. Modi stated that while India has contributed food grain to other countries, the most recent global scarcity should be addressed with a G20 agreement on secure supply chains. He was addressing the summit’s opening session on food and energy security.

The declaration strengthens India's standing at the 27th United Nations Climate Change Conference (COP27), which is currently taking place in Egypt, as an accountable global participant attempting to cut emissions while balancing developmental demands.

He emphasised the necessity for poor countries to get time-bound, inexpensive financing as well as a sustained supply of technologies to support an inclusive energy transition. He also emphasised that because multilateral institutions have failed to address these issues, there are higher expectations for the G20.

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