India requires $540-bn investment by 2029 to meet renewable targets: S&P

New Delhi, India needs $540 billion of investment between 2020 and 2029 to meet its ambitious targets for electricity generation from renewable sources, S&P Global Ratings said on Thursday as it saw private sector-led energy transition entering a new phase.

India is targeting to cut its emissions to net zero by 2070. In the transition to that, it is targeting 500 gigawatts (GW) of non-fossil electricity capacity, half of the energy from renewables, a reduction of emissions by one billion tonne and an emissions intensity of the GDP by 45% by 2030.

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“Meeting India’s renewables target of 500 GW by 2030 requires more than 40 GW of new capacity additions annually (compared to 10-15 GW actual),” it said.

In its report ‘Asia-Pacific’s Different Pathways To Energy Transition’, S&P Global Ratings said the addition of renewables capacity in India is outpacing coal, but demand growth and intermittency issues are leading to greater coal usage and new coal plants.