India’s Investment in Renewable Resources Not Enough

India’s Investment in Renewable Resources Not Enough

India’s national climate action plans, known in UN parlance as nationally determined contributions (NDCs), under the Paris Agreement set three major goals – to increase the share of non-fossil fuels to 40% of the total electricity generation capacity, to reduce the emission intensity of the economy by 33% to 25% by 2030 from the 2005 level, and to create additional carbon sink of 2.5-3 billion tonnes of carbon dioxide equivalent through additional forest cover.

According to the government, India is well on the trajectory to achieve two of its three commitments under the Paris Agreement ahead of the 2030 deadline. However, the Economic Survey 2018-2019 pointed out, “India still needs investment in renewable energy of more than US$ 250 billion over the next decade.”

This implies that an annual investment of more than Rs 1.77 lakh crore ($25 billion) every year for 10 years. In the 2019-2020 budget announced on July 5, 2019, the allocation for the Ministry of New and Renewable Energy was Rs 12,353.81 crore ($1.745 billion), which is a shocking 93% less than the target amount. Read More

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