The Prime Minister Narendra Modi urged investors to focus on Green Energy in India while addressing the two-day Global Investors’ Summit (GIS) – Invest MP.
India has a huge renewable energy potential of 1095 GW. It has set the target of 500GW renewable energy by 2030 and wants to achieve 50 percent energy requirements by then. Additionally, the country aims to reduce carbon intensity by 45 percent by 2030, and reach net zero by 2070.
“If we meet 2030 goals, we will be amongst top three green energy countries in world,” believes Girish Tanti, executive vice chairman, Suzlon.
The renewable energy (RE) sector in India has seen tremendous growth in the last few years. Investments in the sector have increased from US$ 8,361 million in 2019-20 to US$14,397 million in 2020-21.
Entrepreneur Aditya Kumar considers two major reasons behind this growth- COVID 19 shock on energy production and the Ukraine-Russia war.
These incidents reshaped the energy world and shifted big players’ focus towards being self-sufficient. India is emerging as a shining star and an ideal nation for investment in the green energy sector.
It has recently approved the National Hydrogen Green Mission to increase its green hydrogen production capacity. While mentioning the programme at GIS, Modi informed that this mission is likely to attract investments worth US$98 Billion and is a great area of investment for those living abroad especially Indian diaspora.
"This will play a big role in fulfilling the world’s need for green energy and play an important part in promoting sustainable development," Modi emphasized.
By 2030, green energy is likely to reach at least 5MMT per annum, with an associated renewable energy capacity addition of about 125 GW. It will create over 600,000 jobs in India.
However, it needs to work on its policies and internal system to reach this ambitious goal. “The central and state government policies have to be in sync to attract investment and allow them an ease of doing business,” points Girish while adding that India has a demand, global investment, strong network, but has a drawback of execution. The proper coordination of central and state governments across the nation, and proper execution of policies will bring it closer to its ambitious goals.
