PTI
New Delhi
Prime Minister Narendra Modi on Monday said India will seek to add 500 GW of new non-fossil power generation capacity over the next 10-11 years, signalling an acceleration of the country’s clean energy ambitions as global energy disruptions underlined the importance of reducing dependence on imported fossil fuels.
Addressing the Bharat Renewable Energy Summit and Expo here, he said India had already achieved nearly 300 GW of non-fossil installed power capacity and was firmly pursuing its earlier target of 500 GW by 2030.
He also said India’s clean energy sector could offer investment opportunities exceeding Rs 20 lakh crore, or about $220 billion, by the end of the decade, as the country expands renewable energy generation, transmission infrastructure, manufacturing and energy storage.
The Prime Minister said more than 50% of India’s installed power capacity is now from non-fossil sources, five years ahead of the 2030 deadline under its Paris climate commitments.
“Now, in the coming 10-11 years, our effort will be to add 500 GW of new non-fossil capacity. This target is somewhat difficult, but I have faith in the capabilities of our country. And therefore, I say – we will do it!” he said.
Modi said the global energy crisis, including the ongoing West Asia conflict, had demonstrated that energy security was directly linked to economic security. India’s investments in clean energy over the past decade had helped it manage external disruptions better, he pointed out.
“If we remain heavily dependent on fossil fuels in the future, the global economy will continue to be disrupted repeatedly,” he said, arguing that renewable energy offered a more widely distributed and potentially abundant source of energy compared to geographically concentrated fossil fuel reserves.
India has attracted more than Rs 15 lakh crore in renewable energy investments over the past decade, Modi said. Since the 2024 RE-INVEST Summit, the sector has received investments of around Rs 6 lakh crore over two years. The government expects investment opportunities in the sector to exceed Rs 20 lakh crore by the end of the decade, he added.
Modi also asked investors to invest in India, saying the country offers huge investment opportunities in renewable energy as it provides political and policy stability. He said India is among the top three countries in the solar and renewable energy sector.
“We need to connect every government building, school, college, hospital, and street-lighting system to solar energy…We need an indigenous storage solution and must develop new battery storage capacity,” he stated.
India is progressing rapidly to take a big leap in green hydrogen and has a target of annual production capacity of 50 lakh tonnes, Modi said, highlighting progress in the National Green Hydrogen Mission. He also highlighted the Green Energy Corridor (inter-state transmission lines), which will help evacuate power from the upcoming renewable energy capacity.
