By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Happen Recently
  • Home
  • Business
  • Startup
  • MSME
  • India
    • Politics
    • Sports
    • Entertainment
    • History
  • International
  • Magzine
Reading: $293 billion needed  to triple renewable energy in India  by 2030:  report  
Share
Aa
Aa
Happen Recently
  • Business
  • MSME
  • Startup
  • India
  • International
  • Get App
  • Magzine
  • Home
  • Business
  • Startup
  • MSME
  • India
    • Politics
    • Sports
    • Entertainment
    • History
  • International
  • Magzine
BusinessIndia

$293 billion needed  to triple renewable energy in India  by 2030:  report  

Team Happen Recently
Last updated: 2023/11/29 at 1:12 PM
Team Happen Recently
Share
5 Min Read
SHARE

 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.  

For more information visit at https://happenrecently.com/zepto/?amp=1

You Might Also Like

Furnliv Redefines Indian Furniture Retail: Merging Global Design with Homegrown Manufacturing Excellence

Infosys CEO Salil Parekh’s Salary Rises to ₹80.6 Crore: What This Means for India’s Tech Sector

Gavi Infra Secures Key Wins in Smart City, Solar, and Power Infrastructure Projects Across India

Nykaa to Expand 60-Minute Beauty Delivery Across More Indian Cities

HOW PUNE’S PLINKLE NIGHTLIFE CRASHED THE STATUS QUO AND GOT SELECTED AMONG THE TOP 8% OF EARLY-STAGE STARTUPS BY NIKHIL KAMATH’S WTFUND — WITHOUT A DOLLAR INVESTED, YET.

TAGGED: Business, happenrecently, India

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Copy Link Print
Previous Article What are the various International organizations involved towards Climate Change?
Next Article India ahead of rest of Asia: India’s merchandise exports up 6.2% YoY in Oct 2023, likely to enable narrower CAD in FY24
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Happen Recently
Follow US

© 2023 Happen Recently. All Rights Reserved.

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
Go to mobile version
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?