India's Renewable Leap: Energy Independence by 2029

A report by Climate Risks Horizon suggests that India can end its reliance on imported thermal coal by 2029 if it adds 50 gigawatts of renewable energy annually. This transition could save the country USD 66 billion in foreign exchange from 2025 to 2029 and USD 173 billion by 2034.

According to a groundbreaking report by Climate Risks Horizon, India has the potential to become energy independent by 2029, provided it accelerates its renewable energy development. The think tank advises adding 50 gigawatts of renewable energy each year to eliminate the need for thermal coal imports, achieving substantial economic benefits.

The analysis highlights that an aggressive push toward renewables could save approximately USD 66 billion in foreign exchange from 2025 to 2029, with a total projected saving of USD 173 billion by 2034. India's current energy sector heavily depends on coal imports, which account for about 20% of the country's power needs. This reliance exposes India to both physical and financial risks due to global price volatility and potential supply disruptions.

In response to these challenges, India has set an ambitious goal of achieving 500 gigawatts of non-fossil fuel energy capacity by 2030. To reach this target, the country plans to incrementally increase its renewable energy infrastructure, which currently stands at approximately 151 gigawatts from solar and wind sources. The report emphasizes that this strategic shift is vital for both national energy security and long-term economic stability.

(With inputs from agencies.)