New Delhi: India’s growing use of renewable energy has helped the country save an estimated USD 100 billion in fossil fuel import costs over the past decade. The savings could increase by another USD 100 billion over the next five years, European Union Ambassador to India Jean-Eric Paquet said on Tuesday, ANI reported.
Speaking at the Bharat RE Summit and Expo 2026, Paquet highlighted the economic benefits of expanding renewable energy, particularly in reducing India’s dependence on imported coal, gas and other fossil fuels and improving energy security.
He said that without the growth in renewable energy sources other than large hydropower projects since 2010, India’s dependence on fossil fuel imports would be around 50% higher than it is today. The additional import requirement avoided through renewable energy was equivalent to nearly 110 million tonnes of coal, he added.
Paquet said the amount of fossil fuel imports avoided through renewable energy could double by 2030. He noted that this shift would not only help diversify India’s energy sources but also bring significant economic benefits.
According to the Ambassador, India has already saved around USD 100 billion in fossil fuel costs over the past decade and could save a similar amount during the next five years. He said the expected savings could help finance a substantial share of the estimated USD 200 billion investment in renewable energy planned over the same period.
Paquet also highlighted India’s growing position in global solar manufacturing. He said India has become the world’s second-largest producer of solar photovoltaic products, with strong capabilities in solar module manufacturing and expanding production capacity for solar cells and wafers.
He said India accounts for around 50% of solar module production outside China. Its share in global wafer manufacturing outside China could reach 40% by 2030, he added.
Paquet attributed the growth of India’s solar manufacturing sector to government initiatives, including the production-linked incentive scheme and the approved list of models and manufacturers.
He stressed that India’s expanding solar manufacturing capacity was important not only for the country’s energy and industrial development but also for the global renewable energy sector, according to ANI.
