India needs $300b to meet 2030 renewables target

This will be crucial to boost generation and grid storage.

India requires to have a cumulative investment of $300b to meet its 2030 renewable energy target of 500 gigawatts, according to Ember.

In its latest analysis, this investment is a critical checkpoint for the 14th National Electricity Plan (NEP-14).

In financial year 2024, India’s renewable energy Investments reached around $13.3c, a 40% increase from the previous year.

“However, to meet the targets outlined in the NEP-14, annual financing must grow at a consistent rate of 20% each year, reaching $68b by 2032,” Ember said. “The RE financing ecosystem must rapidly evolve to support this scale-up.”

The funding would be crucial for scaling renewable energy generation and enhancing grid storage capabilities. Specifically, this will benefit new tenders mandating dispatchable renewable generation.

“Also, rapidly expanding the transmission network to efficiently evacuate power from RE-rich regions to key demand centres would become important,” Ember said.