Renewable energy sector likely to attract $25 bn investment in 2023
India would have to add at least 25GW of renewable energy capacity per annum for 8 years continuously to achieve the 500 GW target by 2030
New Delhi: With an oil price shock threatening to derail economies globally, the focus has shifted to renewable energy with over $25 billion or Rs 2 lakh crore investment planned in India for using sunlight, water and air to produce energy. Oil and gas prices shooting through the roof in 2022 in the aftermath of Russia's war in Ukraine sent governments in import-dependent nations like India scrambling for options. Not just imports but a shift to renewables is also seen as a way to cut carbon footprint and meet net-zero targets.
And so the government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030. India would have to add at least 25GW of renewable energy capacity per annum for eight years continuously to achieve the 500 GW target by 2030.
At present, India has around 173GW of non-fossil fuel based clean energy capacity which includes about 62GW of solar, 42GW of wind energy, 10GW of biomass power, about five GW of small hydro, 47 GW of large hydro and seven GW of nuclear power capacity. Union power and new & renewable energy minister R K Singh stated that the investment in the renewable energy sector could be around $25 billion in 2023.