India needs $540 bn investment to meet its renewable target by 2029: S&P Global

S&P Global rating has said that India will need a $540 billion investment by 2029 to meet its target of electricity generation from renewable sources. The report said that half of the investmet will be in renewables and batteries and the other will be in strengthening the grid. The ratings agency also observed that it saw the private-sector-led energy transition entering a new phase.

"Meeting India's renewables target of 500 GW by 2030 requires more than 40 GW of new capacity additions annually (compared to 10-15 GW actual)", the report said. S&P global in its report titled, 'Asia-Pacific's Different Pathways To Energy Transition' said that India is outpacing coal, but demand growth and intermittency issues are leading to greater coal usage and new coal plants.

India has been targeting to cut emissions to net zero by 2070. In the transition to that, it is targeting 500 gigawatts (GW) of non-fossil electricity capacity, half of the energy from renewables, a reduction of emissions by one billion tonne and an emissions intensity of the GDP by 45 per cent by 2030.

India is the fourth biggest carbon dioxide emitter after China, U.S. and the EU. However, its emissions per capita are much lower than other major world economies.