China may be the world’s renewable energy leader, but where the sector’s growth is concerned, India is leaving its neighbour behind.
Investments into clean energy in India rose 22% in the first half of 2018 compared to the same period last year, while investments by China fell 15% during the period, according to a report by Bloomberg New Energy Finance (NEF). At this rate, India is expected to overtake China and become the largest growth market by the late 2020s.
Overall investment by China, though, remained vastly higher at $58.1 billion in the first half of 2018, compared to India’s $7.4 billion, the report says.
In the last couple of years, India has been eyeing the pole position in the clean energy transformation, looking to have at least 175,000 megawatts (MW) of installed renewable energy capacity by 2022. To this end, it has been rapidly ramping up investments in renewable energy. Read More