India Needs Boost in Climate Finance for Renewable Energy Expansion

A new study underscores India's urgent need for increased international climate finance to scale its wind and solar capacities to over 600 gigawatts. Enhanced global cooperation, including providing grants and concessional finance, is essential for mobilizing private capital and ensuring equitable renewable energy rollout in emerging and developing countries.

India urgently needs augmented climate finance to enhance its wind and solar energy capacities to over 600 gigawatts, according to a recent study. The report by Climate Analytics and NewClimate Institute emphasizes the critical role of enhanced international cooperation, involving grants and concessional finance, in mobilizing private capital.

The study highlights India's commendable progress in wind and solar energy development but stresses the necessity for significantly more climate finance to elevate these capacities five-fold, addressing growing energy demands and reducing coal dependence. As of August 31, 2024, India's cumulative wind power and solar capacity stand at 47,192.33 MW and 89,431.98 MW respectively.

To ensure equitable rollout of renewable energy in emerging and developing countries, comprehensive international support is imperative. The report calls for immediate action in financial aid and policy support to catalyze private sector investment and achieve ambitious renewable energy targets.

(With inputs from agencies.)