India needs $540 billion of investment between 2020 and 2029 to meet its ambitious targets for electricity generation from renewable sources, S&P Global Ratings said as it saw the private sector led energy transition entering a new phase. The country has set a target to reach net zero by 2070. Moving a step towards it is targeting 500 gigawatts (GW) of non-fossil electricity capacity, half of the energy from renewables, a reduction of emissions by one billion tonnes and an emissions intensity of the GDP by 45 per cent by 2030.
Meeting India’s renewable target of 500 GW by 2030 requires more than 40 GW of new capacity additions annually (compared to 10-15 GW actual), the report said. Policies are creating an enabling environment while private sector investments will lead the energy transition.