India will require $223 billion of investment in order to meet its goal of wind and solar capacity installations by 2030, according to a new report by BloombergNEF. The goal is part of the five decarbonization targets that had been announced by Indian Prime Minister Narendra Modi at COP26 in November 2021. Additionally, India aims to meet 50% of its electricity demand from renewable energy, thereby making renewable energy especially crucial in meeting the country’s 2030 and 2070 climate goals.
The report “Financing India’s 2030 Renewables Ambition”, published in association with the Power Foundation of India, finds that corporate commitments from Indian companies could help India achieve 86% of its 2030 goals of building 500GW of cumulative non-fossil power generation capacity. The report examines the challenges for financing renewables, identifies new or underutilized sources of capital and outlines measures to increase the availability of financing.
Access the report here