The additional funding for clean-energy technologies required to put India on a sustainable path over the next 20 years is $1.4 trillion, or 70% higher than in a scenario based on its current policy settings.
Fatih Birol, the IEA Executive Director, said:
- All roads to successful global clean energy transitions go via India
- India made remarkable progress in recent years, bringing electricity connections to hundreds of millions of people and impressively scaling up the use of renewable energy
- The energy policy successes of the Indian government to date make me very optimistic about its ability to meet the challenges ahead in terms of energy security and sustainability
Solar PV currently accounts for around 5% of India’s total power output, while 68.1% of the country’s power supply last year came from coal.
India’s solar PV market could be worth close to $10 billion by 2040, while its battery storage market’s value could exceed $20 billion in the same time.
On a per capita basis, India’s energy use and emissions are less than half the world average.
As India recovers from a Covid 19-induced slump in 2020, it is re-entering a very dynamic period in its energy development.
To meet growth in electricity demand over the next 20 years, India will need to add a power system the size of the European Union to what it has now.
As India recovers from a Covid 19-induced slump in 2020, it is re-entering a very dynamic period in its energy development.
To meet growth in electricity demand over the next 20 years, India will need to add a power system the size of the European Union to what it has now.
