India could save over $78bn in power system costs and avoid 2860 million tonnes of CO2 emissions by reaching its clean power goal of 450GW by 2030, according to a new report by BloombergNEF (BNEF).
The report, published in collaboration with Bloomberg Philanthropies, outlines how India’s rapid progress in sustainable economic growth and clean energy can be a model for countries looking to recover from the Covid-19 pandemic through the adoption of green stimuli that maximise economic, health, and environmental benefits.
It details how India has become the world’s largest and most competitive clean energy auction market.
The country is currently ranked as the top emerging market for clean energy investment by BNEF’s Climatescope.
“This reflects the comprehensive set of enabling policies introduced by its government to meet a goal of 450GW clean energy by 2030, its openness to investors, and the volume of renewables auctioned in recent years,” BNEF said.
The transition represents a $410bn investment opportunity in new power generation capacity, whilst $240bn of investment in transmission and distribution infrastructure will be needed to accompany the growth.
BNEF chief executive Jon Moore said: “India is hugely important for the world’s economic growth and development, and equally important for global progress in the fight against climate change.
“This report highlights India’s unique innovations in decarbonisation, and the policies it is putting forward as good examples for other countries.”
Bloomberg and Bloomberg Philanthropies founder Michael Bloomberg said: “Governments around the world are working to strengthen national economies after the devastation of the coronavirus.
“If we act wisely, the response to this crisis can also be a turning point in the battle against the climate crisis.
“Investment in clean energy goes hand in hand with economic growth. India is a great example of that, and with its ambitious goals for the years ahead, India’s policies have helped to make it the number one ranked emerging market for clean energy investment.”
India’s New and Renewable Energy minister Shri Raj Kumar said: “India pledged in Paris that by 2030, 40% of our installed capacity will be from green sources, non-fossil-fuel based resources. By 2030, the energy from non-fossil-fuel sources will be 55-60%.
“The question before us as a country, and as the world, is whether the environment is important or not, and whether we want to leave behind a liveable world for our great grandchildren.”