India Poised for USD 200 Billion Investment in Renewable Energy by 2030
Key Ideas
- India needs around USD 200 billion for renewable energy assets by 2030, driven by expanding data centers, rising electric vehicle penetration, and advancements in green hydrogen.
- Installed power capacity is expected to increase by a 10% CAGR to 777.1GW by 2030, with the need to auction approximately 60GW of renewable energy capacity each year to reach the 500GW target.
- Favorable prices for solar modules and wind turbines, along with supportive government policies and industrial efforts, are key drivers of the renewable energy growth in India.
- Anticipated growth in demand for electricity from electric vehicles, green hydrogen competitiveness, and an estimated 100% EV sales target by 2030 are further fueling the renewable energy sector.
A report by Nomura highlighted India's requirement of USD 200 billion for renewable energy assets by 2030, predicting a 7% energy demand growth CAGR between 2024 and 2030. The country auctioned 40GW of RE capacity in FY24 but needs to accelerate auctions to reach the 500GW target. The industry is well-equipped to meet rising demand, supported by favorable prices for solar and wind technologies, government policies, and industrial initiatives. Green hydrogen advancements and electric vehicle proliferation are expected to boost electricity demand, with EVs projected to account for 3.4 TWh by FY25. India's green energy sector is poised for significant development, with a positive outlook for achieving renewable energy goals and sustainability targets.
Topics
India
Renewable Energy
Government Policies
Investment
Electric Vehicles
Green Technology
Growth
Energy Demand
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