Crucial support to reach 500 GW of renewables by 2030 and net zero by 2070.
Banks and other financial institutions have committed a total of $386 billion to finance renewable energy projects in India, Renewable Energy Minister Pralhad Joshi announced Monday. Speaking at the Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024), Joshi highlighted the support India received to achieve its goal of reaching 500 gigawatts of renewable energy capacity by 2030. Besides monetary commitments, Joshi added that energy developers have announced setting up 570 gigawatts of additional renewable energy in India, and manufacturers have committed to setting up 340 gigawatts of manufacturing capacity in the form of solar cells, wind turbines, and electrolyzers.
In comparison, roughly 100 offshore wind turbines are needed to generate one gigawatt of power, according to the U.S. Department of Energy, making India’s target of reaching 500 gigawatts by 2030 an ambitious goal. Beyond this, the country aims to achieve net zero emissions by 2070. While this is 20 years later than the EU or the United States plan to accomplish this and ten years later than China, India’s target is nonetheless significant. The world’s most populous country’s economy largely depends on fossil energy sources. To fuel a rapid expansion of renewables, substantial amounts of critical minerals are needed, such as lithium for batteries and rare earths for wind turbines. India has recently been ramping up efforts to forge international partnerships to address this. Just last week, India and the UAE signed a Memorandum of Understanding to cooperate in the field (we reported).
Photo: iStock/Derek Brumby
