India’s green energy transition: A vision for a sustainable future

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Subscribe to enjoy similar stories. India plans to become a developed economy by 2047.

Apart from the goal of Viksit Bharat, India has also taken on ambitious NDC (nationally determined contributions) targets of reducing emissions intensity of its GDP by 45% from 2005 levels by 2030 while ensuring that 50% of its installed power capacity comes from non-fossil fuel sources. Further, India has set ambitious renewable energy targets, including 500 GW by 2030 and a goal of achieving net zero by 2070.

Achieving these ambitious targets in the short- and long-term call for significant energy transitions towards clean energy fuels and technologies including renewables like solar and wind, nuclear, biofuels and CCUS (carbon capture, utilization, and storage), advancements in storage options and enhancing energy efficiency. Enabling policies that nudge resource efficiency, while providing the right signals for pushing investments towards R&D and pilots in emerging technologies and using innovative ways to scale up the more mature clean energy options are, therefore, the need of the hour.

Also read | India's green energy push spawns a unique resale market Recognizing the importance of financial backing to support the requisite nudges required in the economy at each stage, past Union budgets have demonstrated a growing commitment to clean energy and climate resilience. Key allocations include ₹35,000 crore for energy transition in 2023, ₹19,100 crore for the Ministry of New and Renewable Energy (MNRE) in 2024, ₹3,079 crore for climate action in 2023-24 (a 24% increase from the previous year), and ₹3,330.37 crore for the environment ministry in 2024-25.