M Nagaraju, Secretary of the Department of Financial Services (DFS), stated on Monday that India’s ambitious goal of reaching 500 gigawatts (GW) of renewable energy capacity by 2030 will require an investment of Rs 33 lakh crore.
Speaking at the National Workshop on Mobilising Finance for Renewable Energy in Mumbai, the DFS Secretary explained that one-third of this required investment would be sourced from private investors, while Public Sector Banks (PSBs) have committed to providing Rs 10 lakh crore.
He further emphasized that renewable energy equity is both sustainable and future-ready, continuing to attract investors. “Public Sector Banks (PSBs) have pledged Rs 10 lakh crore, contributing one-third of the necessary investment, with the remaining portion to come from private investors. The equity in renewable energy remains appealing due to its sustainable and future-oriented nature,” he added.
India made a commitment to reduce emissions during the COP26 Summit in Glasgow in 2021, where the country pledged to achieve 500 GW of non-fossil fuel-based energy generation by 2030. To meet this target, the government announced plans in 2023 to add 50 GW of renewable energy capacity annually for the next five years.
As per the latest official data from the ministry, India has achieved a significant milestone in its renewable energy journey, with its total renewable energy capacity surpassing 200 GW. The Central Electricity Authority reports that the country’s renewable energy-based electricity generation capacity now stands at 203.18 GW. This marks a major step forward in India’s commitment to clean energy and its efforts towards building a greener future.
India’s total renewable energy installed capacity grew by an impressive 24.2 GW (13.5 percent) in just one year, reaching 203.18 GW in October 2024, compared to 178.98 GW in October 2023. Additionally, when including nuclear energy, India’s total non-fossil fuel capacity increased to 211.36 GW in 2024, up from 186.46 GW in 2023, according to the official data.
