India is on track to significantly increase wind and solar energy capacity by 2030, but achieving the goal of 600 GW would require international support and climate finance, a new report reveals. The analysis, conducted by the NewClimate Institute and Climate Analytics, shows that India aims to install 319 GW of solar and 110 GW of wind capacity by 2031-32.
To align with the 1.5℃ goal set under the Paris Agreement, India would need to reach 610 GW of installed capacity by 2030, with 460 GW from solar and 150 GW from wind energy. This target is in line with the global objective of tripling renewable energy capacities by 2030, as decided at COP28 in Dubai.
However, to accelerate this transition away from coal and ramp up renewable deployment, India requires large-scale investments and international climate finance. The report emphasizes the need for high-income countries to step up and provide financial support to facilitate this shift. International assistance in the form of low-cost capital and grants-based financing will be crucial for India to achieve its renewable energy targets and reduce dependence on fossil fuels.
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