India Targets $500 Billion Investment in Clean Energy by 2030
India is poised to attract over $500 billion in clean energy investments by 2030 as part of its ambitious plan to fulfill at least half of its energy requirements through renewable sources, announced Commerce Secretary Sunil Barthwal. This significant move aligns with the nation’s goal to achieve net-zero emissions by 2070.
At the 26th session of the United Nations Framework Convention on Climate Change (COP 26), India unveiled a bold vision for its energy future, committing to substantial short-term and long-term targets under the ‘Panchamrit’ action plan. The plan includes reaching a non-fossil fuel energy capacity of 500 GW, reducing CO2 emissions by 1 billion tons, and lowering carbon intensity below 45% by 2030.
Commerce Secretary Barthwal highlighted that the investment opportunities span across various segments of the clean energy value chain, including renewables, green hydrogen, and electric vehicles (EVs). "India offers over $500 billion investment opportunities in the clean energy sector by 2030", he said, emphasizing the country's commitment to accelerating its transition to sustainable energy sources.
Prime Minister Narendra Modi, in his address at COP 26, reinforced India's dedication to environmental stewardship with the introduction of the Panchamrit framework. This framework outlines five key targets for 2030 and lays the groundwork for the nation’s Net-Zero emission target by 2070. Modi stressed the importance of adopting a sustainable lifestyle and proposed the ‘Lifestyle for Environment’ (LiFE) initiative as a global mission to enhance climate action.
India’s strategy involves seven critical transitions toward low-carbon development, including transforming electricity systems, integrating efficient transport systems, promoting sustainable urbanization, and enhancing energy and material efficiency in buildings. These transitions are pivotal to supporting the country's shift to a greener economy while fostering economic growth and environmental resilience.
As India embarks on this transformative journey, the emphasis on clean energy investment and the adoption of sustainable practices is set to position the country as a global leader in climate action and renewable energy development.
