 "India to become fastest-growing renewable energy market by 2030: WEF")
India is set to record the fastest expansion in renewable electricity capacity and generation globally, according to a new World Economic Forum (WEF) report that values the global green economy at more than $5 trillion and forecasts it will cross $7 trillion by 2030.
The report, ‘Already a Multi-Trillion-Dollar Market: A CEO Guide to Growth in the Green Economy’, produced by the WEF in partnership with Boston Consulting Group (BCG), said the green economy sector has grown at a pace second only to technology over the past decade. It also stated that investment in clean technologies continues to break records despite global economic uncertainty.
Why is India set for the fastest renewable growth through 2030?
Between 2024 and 2030, India is projected to post annual growth of 16 per cent in renewable electricity capacity, ahead of China at 15 per cent. Renewable generation is also expected to grow fastest in India, at 13 per cent per year, compared with China’s 12 per cent and a global average of 9 per cent.
How do India and China compare on clean-energy investment?
At $81 billion and $659 billion, respectively, India and China have increased their annual investment in clean energy at a rate of about 12 per cent between 2019 and 2024. The report also highlights that China spends more than any other region or country on clean energy investment.
What policy measures are supporting India’s renewables push?
The WEF said India’s policy push, including production-linked incentive schemes for solar modules, advanced batteries and low-carbon hydrogen, is designed to cut import dependence and build domestic manufacturing strength. The report said these measures are expected to help India double its solar capacity by 2030.
What do the latest government numbers say about renewables?
According to government data from October, India achieved the milestone of generating over half (256.09 GW) of its total energy capacity (500.89 GW) through renewable resources.
Which Indian company is featured in the WEF case studies?
The study features 14 case studies, among them Indian renewable energy company ReNew. The firm has built a diversified portfolio of more than 28 gigawatts (GW) across wind, solar, storage and emerging green fuels.
What did ReNew’s Sumant Sinha say about India’s strategy?
ReNew chairperson and chief executive officer Sumant Sinha said: “We are rich in renewable energy resources, so the more energy we produce domestically, and the more equipment we manufacture to enable that, the safer and more resilient we become in the current context.”
“India is thus increasingly focused on tapping all available local resources. That’s why the government continues to advance low-carbon solutions like green hydrogen and green ammonia to reduce import dependence and enhance strategic autonomy,” he added.
What does the WEF say about growth and valuations in green markets?
According to the WEF, companies deriving a substantial share of revenue from green markets typically grow twice as fast as conventional business lines. They also tend to face lower capital costs. Firms earning more than half their revenue from green activities frequently secure valuation premiums of 12-15 per cent, reflecting investor confidence in their long-term prospects.