Despite ambitious renewable energy targets, India will struggle to meet its climate goals without a five-fold increase in wind and solar capacity by 2030, requiring substantial international climate finance
India needs to significantly boost international climate finance to scale up its wind and solar energy capacities to meet the 1.5°C target set in the Paris Agreement, according to a report by Climate Analytics and New Climate Institute. The report highlights that while India is on track to triple its renewable energy capacity by 2030 compared to 2022, the country must scale up five times to over 600 GW to meet growing energy demands and reduce its dependence on coal.
The study, which examined 11 countries accounting for over 70 percent of global wind and solar power, underscores the importance of increasing wind and solar capacity by five-fold by 2030 and eight-fold by 2035 to align with international climate goals. In India's case, the government has set a target of achieving 500 GW of installed capacity from non-fossil sources by 2030. More financial support is required for India to reach these goals.
India's installed capacity of solar photovoltaic power currently stands at approximately 90 GW, with wind power at 46.65 GW. However, the report stresses the need for enhanced global cooperation, including grants and concessional finance, to mobilise private capital and ensure that developing countries benefit equally from the global renewable energy rollout.
This report comes just a month after a study by Ember warned that India’s current wind energy installation rates are insufficient to meet its 2030 target. India's annual wind capacity addition needs to increase from 2.8 GW to 9.3 GW to reach the goal of 110 GW by 2030.
The findings aim to guide governments in updating their climate commitments following the COP28 agreement to triple global renewable energy capacity by 2030. The report emphasises that wind will play a dominant role in the near-term energy transition, providing more electricity than solar until the mid-2030s, after which solar power will take over as the leading source of energy.
Bill Hare, CEO of Climate Analytics, stated, “Wind and solar are the cornerstones of the energy transition. Countries must send a strong message about their role in achieving climate targets and align their policies with the 1.5°C goal."