Investments worth ₹4 lakh cr required for India renewable energy project pipeline: Report
- According to the report, the role of state governments will be critical in the effective adoption and implementation of policies enabling ease of doing business and competitiveness of energy transition
The completion of India’s renewable energy projects in pipeline would required around ₹4 lakh crore of capital investment, according to a joint report EY and FICCI.
Noting that India added over 15 GW of renewable power generation capacity in FY22, the report said that around 103 GW of utility-scale renewable power generation projects and 11 GW of distributed renewable power generation projects are in the pipeline with the potential to create 8 lakh and 96,500 fresh jobs, respectively.
Overall the projects would be able to avoid 4.35 billion tonne of carbon dioxide emissions over their lifetime, it said.
“India’s energy transition is gaining momentum post-Covid with strong backing from policy enablers focused on improving ease of doing business, competitiveness, and self-reliant supply chains,” said the report titled ‘Accelerating India’s clean energy transition’.
According to the report, the role of state governments will be critical in the effective adoption and implementation of policies enabling ease of doing business and competitiveness of energy transition. Rigorous planning at the state level and predictable growth in demand for clean energy sources are essential for accelerating energy transition investments, it said.
Creating vertically integrated domestic supply chains can help build resilience against such forces in the long term, it added.
Somesh Kumar, partner for power and utilities at EY India, said: “India’s energy transition may leave fossil fuel industries, communities, and workers exposed to muted or declining demand for fossil fuel commodities in the long term. Understanding and addressing the social dimensions of the energy transition is critical to ensure that fossil fuel communities are not left behind.“
“Taking action to address the potential disparity in the economic and social outcomes from the inevitable transition can be termed as a ‘just’ transition. Globally, there is a growing recognition that these social considerations should form part of the policy frameworks addressing the risks and opportunities inherent in the energy transition,” Kumar said.
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Business NewsIndustryEnergyInvestments worth ₹4 lakh cr required for India renewable energy project pipeline: Report
First Published:16 Jun 2022, 08:12 PM IST
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