India to Invest $385 Billion to Achieve Renewable Energy Goals: Moody’s

Moody’s recently reported that India is poised to invest around $385 billion to reach its ambitious target of 500 gigawatts (GW) of renewable energy capacity by 2030. This investment includes $190 billion to $215 billion for capacity expansion over the next six to seven years, and $150 billion to $170 billion for enhancing transmission and distribution infrastructure.

 

India's renewable energy sector has grown significantly, with renewables now comprising 43% of the country’s power capacity in 2023-24. However, to meet its 2030 goals, the country must add approximately 44 GW annually. Despite this push towards renewables, coal will still play a crucial role in the near future, with an expected addition of 40 GW to 50 GW of coal-based capacity over the next five to six years to meet rising power demand.

Moody’s emphasizes the importance of continued policy support to facilitate this transition, highlighting the necessity for sustainable investments and infrastructure improvements to achieve India's 2030 renewable energy targets and 2070 net-zero goals.