India Needs USD 385 Bn to Meet Renewable Energy Target: Report

New Delhi, Jun 7 (KNN) India will have to invest a staggering USD 385 billion to achieve its target of 500 gigawatts (GW) of renewable energy capacity by 2030, according to a report by Moody's Ratings.

The credit rating agency estimates that around USD 190-215 billion will be required for adding new renewable capacity over the next 6-7 years.

An additional USD 150-170 billion investment is needed for transmission and distribution infrastructure.

Despite ambitious targets, India missed its renewable energy goal of 175 GW by 2022. Moody's forecasts annual capacity additions of around 44 GW, which would help meet the 2030 target.

While India's renewable energy share reached around 43 per cent in the 2023-24 fiscal year, aided by strong policy support, coal is expected to remain a key electricity source for the next decade.

Moody's projects India will add 40-50 GW of coal-based capacity in the next 5-6 years to meet rapidly growing power demand.

Private players like Adani Group are ramping up renewable investments, with Adani Green Energy targeting 45 GW of renewable power by 2030.

Continued policy backing will facilitate India's transition to renewable energy and its 2070 net-zero target, according to Moody's.

(KNN Bureau)