According to BNEF, the transition represents a $410-billion investment opportunity in new power generation capacity, whilst $223-billion of investment in transmission and distribution infrastructure will be needed to accompany this growth.
New Delhi: India’s competitive renewables market and clean power goals are projected to double the share of zero-carbon electricity generated in the country over the next decade, according to a latest white paper released by BloombergNEF (BNEF) on Friday.
The paper titled ‘India’s Clean Power Revolution’ added that due to the competitiveness of renewables, attaining these goals would save over $78 billion in power system costs and avoid 2,860 million tonnes of carbon dioxide emissions, improving air quality and reducing respiratory illnesses and early deaths across the country.
According to BNEF, the transition represents a $410-billion investment opportunity in new power generation capacity, whilst $223-billion of investment in transmission and distribution infrastructure will be needed to accompany this growth.
It further added that India’s rapid progress in sustainable economic growth and clean energy can be a model for nations looking to recover from the COVID-19 pandemic by adopting green stimuli.
“Governments around the world are working to strengthen national economies after the devastation of the coronavirus. If we act wisely, the response to this crisis can also be a turning point in the battle against the climate crisis,” said Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies.
He said that the investment in clean energy goes hand in hand with economic growth and India is a great example of that, with its ambitious future goals and policies helping to make it the number one emerging market for clean energy investment.
According to Jon Moore, CEO of BNEF, India is hugely important for the world’s economic growth and development, and equally important for global progress in the fight against climate change.
India is currently ranked as the top emerging market for clean energy investment by BNEF’s Climatescope. This reflects the comprehensive set of enabling policies introduced by its government to meet a goal of 450 GW clean energy by 2030, its openness to investors, and the volume of renewables auctioned in recent years.
Source: energy.economictimes.indiatimes
