India is now the most competitive clean energy auction market
The country is currently ranked as the top emerging market for clean energy investment.
India has become the world’s largest and most competitive clean energy auction market as well as a model country for others looking to leverage low-carbon investments in their COVID-19 economic recovery strategy, according to Bloomberg Philanthropies and BloombergNEF’s (BNEF) “India’s Clean Power Revolution.”
The report further outlines how India’s rapid progress in sustainable economic growth and clean energy can be a model for nations looking to recover from the pandemic through the adoption of green stimuli that maximize economic, health, and environmental benefits.
India is currently ranked as the top emerging market for clean energy investment by BNEF’s Climatescope, reflecting the comprehensive set of enabling policies introduced by its government to meet a goal of 450GW clean energy by 2030, its openness to investors, and the volume of renewables auctioned in recent years.
India’s competitive renewables market and ambitious clean power goals are projected to double the share of zero-carbon electricity generated in the country over the next decade.
Thanks to the competitiveness of renewables, attaining these goals would save over $78b in power system costs and avoid 2,860million tons of CO2 emissions, improving air quality and reducing respiratory illnesses and early deaths across the country.
The transition represents a $410b investment opportunity in new power generation capacity, whilst $240b of investment in transmission and distribution infrastructure will be needed to accompany this growth.