Investment over $25 billion in the renewable energy sector by 2023

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Investment over $25 billion in the renewable energy sector by 2023India now has roughly 173 GW of renewable energy capacity based on non-fossil fuels, including 62 GW of solar, 42 GW of wind, 10 GW of biomass, 5 GW of small hydro, 47 GW of large hydro, and 7 GW of nuclear power. India would have to continuously add at least 25GW of renewable energy capacity per annum for eight years to achieve the 500 GW target by 2030.

The focus has switched to renewable energy with over USD 25 billion or Rs 2 lakh crore in planned investments in India for exploiting sunshine, water, and air to produce energy as an oil price shock threatens to topple economies worldwide. In addition to reducing imports, switching to renewable energy is seen as a means to reduce carbon footprint and achieve net-zero goals.

R K Singh, the union minister for electricity, new energy, and renewable energy, told PTI that in 2023, investments in the renewable energy sector might total over USD 25 billion. The administration is also taking advantage of the opportunity to establish significant hydroelectric projects in the nation. In India’s move to clean energy, hydropower projects that are clean, green, and sustainable will be of utmost importance. They are also necessary for incorporating intermittent energy sources like solar and wind.

In collaboration with states and other stakeholders, a high-level group created a comprehensive “Transmission System for Integration of over 500 GW RE Capacity by 2030.” The plan provides a comprehensive program of the necessary transmission system for having 537 GW of Renewable Energy capacity by 2030, which is a significant step towards integrating 500 GW of non-fossil fuel-based capacity by 2030. In addition, the government has budgeted more than USD 30 billion, or Rs 2.44 lakh crore, to build a reliable transmission system in line with its goal of generating 500 GW of renewable energy by 2030.

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