New Delhi : In a bold move to accelerate its transition to renewable energy, India is pushing to raise its clean energy target to 750 gigawatts (GW) by 2030, surpassing its current goal of 500 GW. The call to action was made by India’s G20 Sherpa, Amitabh Kant, during a recent climate action session hosted by Climate Trends in New Delhi.
Kant emphasized the critical need for India to adopt a more aggressive approach to clean energy development, highlighting the global availability of financing, even in the face of potential project shortfalls. He pointed out that while clean energy projects might be limited, funding opportunities are vast, with an estimated $300 trillion available globally, and $150 trillion held in sovereign and pension funds. Kant urged international financial institutions such as the World Bank and Asian Development Bank (ADB) to utilize innovative financing tools like guarantees and blended finance to unlock private investments for developing nations, especially India.
A key focus of Kant’s argument was the importance of collaboration among the Indian central government, state authorities, and the Reserve Bank of India (RBI). He stressed that such cooperation is essential to provide private investors with confidence and ensure attractive returns on their investments in the clean energy sector.
The session also featured insights from key experts in climate finance, including Montek Singh Ahluwalia, former Deputy Chairperson of India’s Planning Commission, and R R Rashmi, a distinguished fellow at The Energy and Resources Institute (TERI) and a former climate negotiator for India. Their contributions offered a broader perspective on the opportunities and challenges of climate financing as India prepares to take a leading role in global climate negotiations.
With major global forums on the horizon, including the G20 summit in Brazil and the UN Climate Change Conference in Azerbaijan, India is positioning itself as a critical player in the global clean energy transition. The country is committed to leveraging available international funds to drive its renewable energy ambitions, cementing its leadership in sustainable development on the world stage.
Nice to Know
Comments are closed.