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India needs a total annual investment $26 billion to achieve its targeted renewable capacities and meet committed reduction in emissions. In comparison, the investment made into the renewable sector in the country was $10 billion in 2015 – a shortfall of $16 billion.
According to data compiled by the Institute of Energy Economics and Financial Analysis, India’s electricity generation from renewable sources is estimated to be 17 per cent and is projected to rise to 25 per cent by 2022, and an impressive 40 per cent by 2030.
As part of its targets, India aims to reduce its emissions intensity by 33-35 per cent over the 2005 levels, by 2030. In 2014, it announced aggressive renewable energy addition targets – aiming to increase the installed renewable energy capacity, including large hydro, to 225 GW from 97 GW in August 2016.
This transition would require an additional investment of $128 billion, or an annual investment of $21 billion. India also needs an annual investment of $5 billion over the next decade to upgrade its grid to handle large amounts of electricity generation from renewable sources. In comparison, the investment made into the renewable sector in India was $10 billion in 2015 – a shortfall of $16 billion.
In fact, it has been estimated that the cumulative average requirement of investment to achieve BRICS countries’ capacity addition targets is $177 billion annually. In comparison, these countries witnessed a total investment of $126 billion in the renewable energy sector in 2015 – a shortfall of $51 billion. Excluding China, the other four BRICS countries require an average annual investment of $52 billion. However, in 2015, these countries witnessed an investment of $23 billion – less than half the required amount.
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