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According to a report relised on Thursday, India will require an investment of Rs 4 Lakh crore in order to implement 113 gigawatts (GW) of projects for renewable energy.
The joint report of EY and FICCI stated that India’s energy transition is moving forward post-COVID. This is due to strong support from policy enablers who are focused on increasing ease of doing business, competition, and self-reliant supply chain, as well as improving competitiveness.
According to the report entitled “Accelerating India’s Clean Energy Transition”, India has about 103 GW in utility-scale renewable power generation projects, and 11 GW in distributed renewable power generation projects in the pipeline.
It stated that total renewable power generation projects would require an investment of Rs 4 lakh crore with the potential to reduce 4,350 MT CO2 emissions.
According to the report, these projects will result in an additional 8,96,500 jobs.
Somesh Kumar, Partner and National Leader, Power and Utilities at EY India, said, “India’s energy transition may leave fossil fuel industries, communities, and workers exposed to muted or declining demand for fossil fuel commodities in the long term. Understanding and addressing the social dimensions of the energy transition is critical to ensure that fossil fuel communities are not left behind.”