To complete the 500-gigawatt renewable energy capacity target by 2030, India will need additional investment of around $300 billion, the Arthur D Little (ADL) report said on 7 November
The report, titled ‘Powering India’s Energy Vision 2030’, added that the country is on the right trajectory to meet its goal of having 50 per cent of energy needs through the renewable portfolio as 165 gigawatts (GW) generation capacity already in place.
“India needs (additional) strategic investments of over $300 billion to achieve its clean energy capacity target of 500 GW by 2030,” the study titled ‘Powering India’s Energy Vision 2030’ said.
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According to the study, India’s electricity consumption is expected to grow at an annual rate of 5.4 per cent over the next decade, with annual demand touching 2,300 billion units (BUs) by 2030.
However, at the current pace, generation will reach only 2,024 BUs by 2030, it said.
Meanwhile, the G20 summit to be held in September 2023, under India’s presidency, is expected to pass a marquee declaration to ensure energy and supply chain security, according to two government officials aware of the plans.
This development comes in the wake of the Russia-Ukraine war and supply disruptions in China.
With PTI inputs.
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