India needs $1.4-trillion investment in clean energy over the next two decades: IEA
India will need to invest $1.4 trillion into clean energy technology over the next two decades, the International Energy Agency (IEA) said in a report.
The report, titled ‘India Energy Outlook 2021″, said that the figure represents a 70% increase from the present policy of the government, that aims to achieve 450 gigawatts (GW) worth of renewable energy capacity by 2030.
“India has made remarkable progress in recent years, bringing electricity connections to hundreds of millions of people and impressively scaling up the use of renewable energy, particularly solar,” said Fatih Birol, IEA’s executive director.
“Government policies to accelerate India’s clean energy transition can lay the foundation for lasting prosperity and greater energy security. The stakes could not be higher, for India and for the world,” Birol said, adding that any path to a global clean energy transition will have to go through India.
The report says that by 2040, the share of both solar and coal energy sources will reach around 30%, a dramatic transition from 4% and 70% currently.
