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India aims to add 500 gigawatts of renewable energy by 2030

July 05, 2022

S&P Capital IQ ($)

India's existing power generation portfolio is the world's third-largest at nearly 360 GW, and S&P Global Market Intelligence data shows another 203 GW of planned capacity.

As part of India's long-term decarbonization effort, Prime Minister Narendra Modi has pledged to add 500 GW of nonfossil generating resources by 2030.

BloombergNEF on June 22 estimated that India would need investments totaling $223 billion to meet the 2030 target.

S&P Global Ratings in an April report questioned whether the 2030 target is achievable. Ratings noted that although India has been adding renewables at a rate of about 10 GW to 15 GW annually, the country will not make a 2022 target of 175 GW.

"The addition of new capacity will need to rise by at least double for India to achieve 50% generation from renewables by 2030," Ratings said, adding that the country "lacks comprehensive energy transition policies and a clear commitment to phase out of coal."

Ratings said India will also need significant investment in expanding its transmission and distribution grid. In all, about $500 billion in new spending will be required by 2030.

[Michael Lustig and Anna Duquiatan]

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