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Some parts of <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> recently witnessed a crippling power crisis amid the searing summer heat waves this year due to the coal shortage. India's yearly coal usage exceeds one billion tonnes, and the country's coal reserves plunged 17% last month. The coal crisis is not limited to a few parts, as 108 of the 173 thermal coal-fired power facilities across India were estimated to have critically low coal inventories last month. But the question is, given how carbon-intensive coal is, how long can we rely on this ‘dirty’ fuel? Fortunately, India aims to install renewable energy capacity to 175 gigawatts by 2022 and 500 GW by 2030. Moreover, India’s commitments under the Paris Agreement obligate us to fulfil 50% of electricity demand with renewable energy, making renewable energy crucial to achieving the country's 2030 and 2070 climate objectives. <cmsannotation type="cmsannotation" annotationid="But how much would the country need to invest to achieve these ambitious targets?" comment="subhead" text="But how much would the country need to invest to achieve these ambitious targets?">But how much would the country need to invest to achieve these ambitious targets?</cmsannotation> To meet its goal of wind and solar capacity installations by 2030, India must invest $223 billion (₹17.6 lakh crore), as per a new research report by <keyword id="8634388" type="General" weightage="50" keywordseo="bloombergnef" source="Orion">BloombergNEF</keyword> (BNEF). Our energy-thirsty nation is investing heavily in sustainable and renewable energy sources like solar and wind to fulfil the exponentially growing energy requirement. As the world battles the climate crisis in terms of scorching temperatures, extreme weather events, species extinction, increasing sea levels, as well as poverty and displacement, India is taking steps to reduce its carbon footprint and achieve five decarbonisation targets announced by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> at COP26 in November 2021. India has continuously rated among the top emerging renewables markets by <keyword id="2575855" type="General" weightage="50" keywordseo="climatescope" source="Orion">Climatescope</keyword>, a BNEF initiative that evaluates country-wise investments in clean energy across the globe. India has attracted international and national investors in the renewable power market with its transparent market mechanisms, supportive policies and ambitious government targets. Last year, India was ranked first among 107 emerging renewable markets. Shantanu Jaiswal, lead author of the report and head of India research at BloombergNEF, said: "To date, the growth of renewable energy in India has been funded by a diverse set of financiers. Debt and equity structures have evolved as the market grew and new risks emerged. India's ambitious renewable energy targets now require further scaling up of financing with new instruments and learnings from other global markets." Despite ambitious targets and favourable market conditions, India’s path towards renewable and clean energy self-sufficiency is riddled with multiple legal and financial challenges like power purchase agreement renegotiations, complex land acquisition hurdles, and payment delays, says BNEF report. Rising loan rates, a weakening rupee, and high inflation also make funding renewables difficult in the near future. With the monetary challenges chaperoning the way of sustainability in India, the goal of optimum renewable energy production seems too ambitious. To reach the 2030 targets, <keyword id="517927" type="General" weightage="50" keywordseo="independent-power-producers" source="Orion">Independent Power Producers</keyword> must tap into new or underused funding sources like construction debt, investment infrastructure trusts, as well as retail investors, insurance firms, and pension funds, experts recommend. India needs a pool of circulating investment to reach its 2030 targets, and the private power producers utilizing these underused sources could be a significant part of India’s renewable success story. Higher finance requirements necessitate actions that can boost financing availability, such as de-risking renewable projects and giving contractual conditions that provide better investor comfort. India has a calibre of fulfilling its renewable energy goals by 2030 with the assistance of corporate commitments from Indian companies and the massive deployment of zero-carbon energy technologies across the country. <keyword id="14321039" type="General" weightage="50" keywordseo="the-power-foundation-of-india" source="Orion">The Power Foundation of India</keyword> also reported earlier that the country's reliance on fossil fuels could fall sharply when it infuses solar and wind energy into its total capacity.

Renewables are crucial for India's long-term climate goals, but they need a ₹17.5 Lakh crore investment by 2030!

India has ranked fourth among 55 developing countries in <keyword id="154273" type="ORGANIZATION" weightage="100" keywordseo="clean-energy">clean energy</keyword> investment, as per a new study released by Inter-American Development Bank. India’s neighbour China is ranked first. India scored of 1.85 points against China’s 2.23. 
 The study called ‘<keyword id="2575855" type="UNKNOWN" weightage="60" keywordseo="Climatescope">Climatescope</keyword> 2014’ suggests that renewable technologies are as cost-effective in developing countries as they are in the developed ones. The study observed that steady increase in power demand and good renewable sources of energy make India a growth market for clean energy. Wind is the largest <keyword id="34553" type="ORGANIZATION" weightage="100" keywordseo="renewable-energy">renewable energy</keyword> sector in the country. 
 
China bagged the first position as the largest manufacturer of wind and solar equipment in the world. 
 
“Climatescope is a critical resource for the Power Africa initiative and our partners, providing an in-depth and objective evaluation of low-carbon energy opportunities in emerging markets, including Africa,” said Dr Rajiv Shah of the US Agency for International Development Administrator. 
 
For Climatescope 2014 study, as many as 55 developing countries were evaluated based on various factors like clean energy investment policy, its market conditions, the structure of its power sector, the number and makeup of local companies operating in clean energy, and efforts toward reduction of greenhouse gas emissions.

India Named As One Of The Best Countries For Clean Energy Investment; Ranks Fourth Among 55 Developing Countries

<ul><li>Even though India's not opening any new coal-fired power plants at home, India still continues to fund coal plants overseas.</li><li>Nearly 30% of global coal financing was sourced from the Export-Import Bank of India.</li><li>Funding coal power plants in other countries poses a financial risk and isn't strategically sound, according to a finance specialist with Sustainable Energy for All.</li></ul>India is lauded for its aggressive targets to achieve <keyword id="8375792" type="UNKNOWN" weightage="20" keywordseo="sustainable-energy-goals">sustainable energy goals</keyword> — like aiming to generate 175 GigaWatts (GW) of its energy from renewable sources by 2022. Its policy framework and ambitious targets for sustainable energy made it the top scorer in this year <a href="http://global-climatescope.org/assets/data/reports/climatescope-2019-report-en.pdf">Climatescope</a> rankings. Not only is India working towards bringing in more sources of renewable energy, but it's also cutting down on fossil fuels. Its existing coal fired power projects are reporting stress and no new financial commitments for coal plants have been made. However, India continues to financing coal fired power plants in other countries. "India is reducing its reliable on coal domestically, leading the world in solar PVs. But what it's still doing, which we find curious, is funding coal projects outside India," said Olivia Coldrey, the lead finance specialist at Sustainable Energy for All (SEforALL), an initiative launched by former UN Secretary-General Ban Ki-moon to work towards SDG7, universal access to sustainable energy by 2030. It makes no financial sense As much as 30% of global coal financing was sourced from the Export-Import Bank of India. Most of it was for a project in Bangladesh amounting to $1.6 billion, according to data from SEforALL's Energizing Finance report. "It (investment in coal energy production) is economically questionable in the sense that we know it's cheaper in a lot of markets to build a new good connected solar or wind plant from scratch than to operate a fully depreciated coal plant," Coldrey told Business Insider. India is an exception to the trend of new coal fired power plants hitting their lowest level in a decade in 2018, according to Climatescope. "There's a real strategic question around India's continued financing of coal plants outside the country and whether it makes financial sense. There's a risk of stranded assets and reliance on the fuel supply stores in the destination country," explained Coldrey. Coal is dirty. Really dirty. But, it's also cheap, which is a big draw for developing nations like India. Nearly two-thirds of the country's electricity is generated using coal. "I would suggest that if India wanted to own the supply chain then it would be much better off owning the wind or solar supply chain. It's more economically sensible as an investment," noted Coldrey. There's hope yet — or maybe not Nearly two-thirds of the total financing — $24 billion — tracked in 2017 was investment in India and Bangladesh, according to Energizing Finance. "Money is responding to the targets," explained Coldrey. Most of the investment coming into India is coming from commercial entities. A shift has happened where the energy sector's development is no longer exclusively reliant on traditional development finance or public finance. "Money tends to move where investors, particularly in energy projects which are long term investments, when they are seen as a viable proposition," adds Coldrey. But there are still challenges to overcome. According to Climatescope's report, even though developing nations are moving towards cleaner power — it's not nearly fast enough. Even though investment is increasing, the requirements are much greater. See also: <a href="https://www.businessinsider.in/science/environment/news/you-can-experience-the-end-result-of-climate-change-today-with-virtual-reality/articleshow/72217525.cms">You can experience the end result of climate change today with virtual reality</a> <a href="https://www.businessinsider.in/more-than-two-thirds-of-asias-population-is-at-risk-of-coastline-flooding-by-2050-and-indias-on-the-front-line/articleshow/71816944.cms">More than two-thirds of Asia's population is at risk of coastline flooding by 2050 — and India's on the front line</a> <a href="https://www.businessinsider.in/climate-change-causes-australian-mammal-to-go-extinct/articleshow/68081948.cms">Climate change claims its first casualty in world's largest coral reef system</a>

India's still burning coal — just not at home

<ul><li>India plans to set up its own battery storage manufacturing plants styled after Tesla’s ‘Gigafactory’ in Nevada, United States. </li><li>The Tesla-Panasonic venture called for an investment of $5 billion but India’s only planning to spend $4 billion to set up four different factories. </li><li>Each factory will have the capacity to manufacture 10 gigawatts hours of power per year. </li></ul>India plans to set up at least four Tesla-type ‘<a href="https://www.businessinsider.in/tesla-employees-describe-what-its-like-to-work-in-the-gigantic-gigafactory/articleshow/65676500.cms">Gigafactories</a>’ in the country but for $1 billion less than it took <a href="https://www.businessinsider.in/elon-musk-changes-twitter-name-to-1-leaves-followers-confused/articleshow/70389351.cms">Elon Musk</a>, the billionaire CEO of Tesla. Musk’s <a href="https://www.businessinsider.in/8-awesome-innovations-in-Elon-Musks-Gigafactory/articleshow/51844627.cms">Gigafactory</a> in Nevada, expected to launch next year, has a theoretical capacity of producing 35 gigawatt hours (GWh) of batteries per year and took an investment of $5 billion to setup. Panasonic, who's partnered with <a href="https://www.businessinsider.in/the-big-question-about-tesla-demand-makes-no-sense-the-company-has-created-demand-where-there-was-none-before-/articleshow/69904881.cms">Tesla</a> to build the Nevada facility, has stated <a href="https://www.businessinsider.in/elon-musk-said-panasonic-hasnt-been-making-enough-battery-cells-for-teslas-cars/articleshow/68893015.cms">actual output</a> is actually at around 24 GWh. India’s <keyword id="6014048" type="UNKNOWN" weightage="20" keywordseo="battery-manufacturing">battery manufacturing</keyword> plants, on the other hand, plan on producing 10 GWh per factory every year — that’s a total of 40Gwh — with an investment of $4 billion, according to a <a href="https://www.livemint.com/news/india/india-readies-plan-for-4-billion-tesla-scale-battery-storage-plants-1564077561033.html">LiveMint</a> report citing sources. Plans to go big Producing batteries goes hand-in-hand with India’s plans to push for electric vehicles in order to reduce pollution and cut down its dependence on oil imports — which currently sits at over 80%, making India the world’s third-largest oil consumer. <a href="https://www.businessinsider.in/fame-to-niti-aayog-government-think-tank-to-handle-ambitious-electric-vehicles-project/articleshow/59230478.cms">NITI Aayog</a> estimates that India is going to need at least six such battery storage manufacturing plans by 2025 and six more by 2030. So, accounting of an ever increasing demand for energy, it has recommended setting up 11 factories by 2025 and another 13 by 2023 — bringing the grand total to 24 factories producing 240 GWh every year. One GWh of battery power is enough to provide electricity to nearly 1 million households for a complete hour and power 30,000 electric cars. Government involvement In order to get manufacturers on board, India may offer incentives like concessional financing options or a minimum alternative tax (MAT), the report said. While the government will be setting up these factories, it has no plans to interfere with the technology. Which technology should be manufactured will determined depending on demand and prices in the market. India is now a world leader in renewable energy with its ambitious plans to set up clean energy installments and pump up investment, according to <a href="http://global-climatescope.org/">BloombergNEF</a>’s Climatescope report. As of now, the country has around 80 gigawatts (GW) of renewable energy capacity with plans to reach 175 GW by 2022 and 500 GW by 2030 as part of its climate change commitments.

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Renewables are crucial for India's long-term climate goals, but they need a ₹17.5 Lakh crore investment by 2030!

Varnika Srivastava

India Named As One Of The Best Countries For Clean Energy Investment; Ranks Fourth Among 55 Developing Countries

BI India Bureau

India's still burning coal — just not at home

Prabhjote Gill

India wants to beat Tesla's Gigafactory at 20% less cost

Prabhjote Gill

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