India
India Secures $400 Billion in Early Renewable Investment Commitments
At the Bharat Renewable Energy Summit, global and domestic investors and renewable‑energy firms announced preliminary commitments totaling $400 billion for India’s renewable‑energy sector, said Minister for New and Renewable Energy Pralhad Joshi on Wednesday. The pledges were made during a CEO roundtable and are described as preliminary; the government will discuss each proposal in detail. The commitment is almost twice the $220 billion that India expects to need by the end of the decade. Joshi noted that the government will work out the specifics and produce a comprehensive account of the proposed investments.
The minister added that interest has been expressed in renewable energy, green hydrogen, battery storage, and transmission infrastructure. Even if some of the proposed investments do not materialise, India would still be able to meet its $220 billion requirement because the interest shown at the summit is nearly double what is needed.
Despite concerns about the ongoing conflict in West Asia and its potential impact on global investment, Joshi said international investors continue to view India favourably even amid geopolitical uncertainty.
In related news, the Union Cabinet approved ₹14,500 crore in viability‑gap funding for grid‑scale energy storage on Wednesday. The initiative aims to address grid‑stability concerns and fluctuations in renewable electricity generation.
India currently has 308 GW of non‑fossil capacity, short of the 500 GW target for 2030. Prime Minister Narendra Modi, speaking at the summit on Monday, said the government plans to add another 500 GW of non‑fossil capacity over the next 10–11 years and ultimately reach around 1,800 GW by 2047.
Rituraj Baruah is a special correspondent covering energy, housing, urban affairs, heavy industries and small businesses at Mint. He has reported on diverse sectors over the last eight years, including commodities, stocks, insolvency and real estate, and has previously worked for Cogencis Information Services, Indo‑Asian News Service (IANS) and Inc42.
Frequently asked questions
How much renewable investment has India secured?
India secured $400 billion in preliminary commitments at the Bharat Renewable Energy Summit.
What is India's target for non‑fossil capacity by 2030?
India currently has 308 GW of non‑fossil capacity, short of the 500 GW target for 2030.
What funding did the Union Cabinet approve for grid‑scale energy storage?
The Union Cabinet approved ₹14,500 crore in viability‑gap funding for grid‑scale energy storage.