The investments would be required in manufacturing of capacity for solar, electrolysers, wind and battery, transmission, green hydrogen, solar, hydro, wind, and waste to energy sectors
India is steadfast in its commitment to transform its energy landscape, aiming to generate 50 percent of its power from non-fossil fuel sources. The ambitious goal aligns with the nation's broader objective of achieving net-zero carbon emissions by 2070.
Speaking at a webinar organised by the World Bank, Pradip Kumar Das, CMD of the Indian Renewable Energy Development Agency (IREDA), emphasised the necessity for substantial investments across various sectors. These sectors include solar, electrolysers, wind and battery manufacturing capacity, transmission, green hydrogen, solar, hydro, wind, and waste-to-energy.
Das stated that meeting India's Nationally Determined Contributions (NDC) goals by 2030 requires an estimated investment of Rs 30 lakh crore over FY 2024–2030. The power ministry highlighted the significance of this investment, emphasising its critical role in realising the country's ambitious targets.
Furthermore, the power ministry acknowledged the 'PM Surya Ghar Muft Bijli Yojana,' launched by Prime Minister Narendra Modi, as a visionary project. With an investment exceeding Rs 75,000 crore, the initiative aims to solarise one crore households, providing up to 300 units of free electricity each month to promote sustainable and accessible energy solutions nationwide.