ENA Sectors 2024-06-07 14:29:02 <p><span style="font-size:14px"><strong>New Delhi, Jun 7 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">An additional USD 150-170 billion investment is needed for transmission and distribution infrastructure.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Private players like Adani Group are ramping up renewable investments, with Adani Green Energy targeting 45 GW of renewable power by 2030.</span></p> <p><span style="font-size:14px">Continued policy backing will facilitate India's transition to renewable energy and its 2070 net-zero target, according to Moody's.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38110 https://knnindia.co.in/news/newsdetails/sectors/india-needs-usd-385-bn-to-meet-renewable-energy-target-report 2024-06-07 14:29:02 knnindia.co.in