If the IEA’s global net-zero emissions target is to be achieved, India will need an additional $101 billion in funding, on top of the amount needed to triple it, the Ember report said.
An agreement to triple installed renewable energy capacity is expected to be one of the main discussion points at the upcoming COP28 climate meeting in Dubai. However, highlighting the challenges in achieving such a transition, a new report shows that India will need an investment of about $293 billion to triple its installed renewable energy capacity by 2019.
This translates to around Rs 24 lakh crore. But tripling India’s renewable capacity may not be an adequate contribution if the world wants to move towards a carbon neutral path. The International Energy Agency (IEA) net zero scenarios are contingent on India being able to do much more than just tripling its renewable capacity.
$293 billion needed for India’s tripling of renewables by 2030: Report
If the IEA global net zero pathways are to be met, India would require an additional financing of $101 billion, over and above the money required for tripling, as per the report by Ember.
Renewable energy
The tripling of global renewable energy installed capacity is one of the key targets being pushed for adoption at COP28.
An agreement on tripling of renewable energy installed capacity is expected to be one of the main points of discussion at the upcoming COP28 climate meeting in Dubai. But highlighting the challenges in effecting such a transition, a new report has found that India would need an investment of about $293 billion to triple its renewable energy installed capacity by 2030. This translates to around Rs 24 lakh crore. But tripling India’s renewable capacity may not be an adequate contribution if the world wants to move towards a carbon neutral path. The International Energy Agency’s (IEA) net zero emissions scenarios depend on India’s ability to do more than simply triple its renewable capacity.
A new report by Ember, a UK-based independent think tank focusing on climate issues, notes that India has set a target of tripling its renewable energy capacity by 2030, long before that target is recognized as a mandatory global target to ensure that there is still an opportunity. limit the increase in global temperature to below 1.5 degrees Celsius compared to pre-industrial times. India has announced plans to reach 450 GW of installed renewable energy capacity by 2030, more than three times its current capacity of about 135 GW. But if it wants to meet the IEA’s global net-zero emissions targets, India will need to increase its installed renewable capacity to about 570 GW by 2030, Ember said. This would require an additional $101 billion in funding, on top of the amount needed to triple it.
“This includes additional investments of approximately $68 billion in solar, $8 billion in wind, $14 billion in storage and $11 billion in additional transmission capacity. This takes the total investment in this scenario to about $394 billion (about 32 lakh crore),” the report said.
Tripling installed renewable energy capacity globally is one of the key targets proposed for COP28. The proposal was included in the outcome of the G20 summit in New Delhi in September and was later endorsed by about 60 countries.
According to IEA estimates, this single measure could avoid about 7 billion tons of carbon dioxide emissions by 2030. Installation of new renewable energy capacity increases by 9 to 10% each year, but will need to nearly doubled to reach that goal. The goal is to triple it by 2030.
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