Indian Economy News

Renewable energy investments to surge 83% to US$ 16.5 billion in 2024

  • IBEF
  • December 27, 2023

India foresees an 83% surge in renewable energy investments, reaching approximately US$ 16.5 billion in 2024. This aligns with the nation's commitment to a greener future, targeting 500 GW of renewable energy by 2030 and reducing fossil fuel-based power generation to below 50%. Minister of Power New and Renewable Energy, Mr. Raj Kumar Singh, asserts a 65% non-fossil fuel capacity by 2030, surpassing the 50% target.

In an interview, He projects a notable increase to 25 GW in renewable energy capacity, requiring an investment of US$ 16.5 billion (Rs. 1.37 lakh crore) in 2024, compared to 13.5 GW and US$ 9 billion (Rs. 74,250 crore) in 2023. This underscores India's commitment to sustainable energy and its pivotal role in global efforts.

In FY 2022-23, India anticipates a substantial rise in renewable energy capacity, reinforcing its proactive stance on global sustainability. The 2024 projections signify an accelerated push towards a greener energy landscape, supporting India's 2070 net-zero emission commitment.

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