According to a report by the Institute for Energy Economics and Financial Analysis (IEEFA), India's investment in renewable energy reached a record of $14.5 billion in the last financial year (FY2021-22). This is an increase of 125 percent compared to the previous financial year (FY2020-21) and 72 percent over pre-pandemic FY2019-20. The report also stated that investment in renewables would need to more than double to about $30-40 billion per year for India to reach its target of 450GW of renewable energy capacity by 2030.
India's clean energy transition is rapidly underway, with the country having the fastest-growing renewable energy capacity globally, and Prime Minister Narendra Modi announcing more ambitious targets. India has set the goal of reaching 220 megawatts by 2022 and 450 gigawatts by 2030. Currently, over 80% of India's electricity comes from burning coal, oil, and biomass. To power its growth, India needs a massive expansion of renewable energy. The International Energy Agency suggests that this would kickstart a green energy revolution in India.
India is also well-positioned to become a global leader in renewable batteries and green hydrogen, which could create a market worth up to $80 billion in India by 2030. The government remains focused on India's clean energy vision, in order to combat climate change and reduce dependency on traditional sources of energy like fossil fuels. It is important to note that India is currently holding the G20 presidency, and it is hoped that this will facilitate the global energy transition.