New Delhi: A report released by Arthur D. Little (ADL) reveals that India shall need strategic investment of over $300 billion to achieve clean energy capacity target of 500 GW by 2030. ‘Powering India’s Energy Vision 2030’ reveals that 165 GW generation capacity is already in place and India is on the trajectory to meet the goal of having 50% of energy needs through renewable portfolio.
According to the study, India’s electricity consumption is expected to grow at 5.4% annually over the next decade with annual demand rising to 2300 billion units by 2030. However, if current pace is considered, the generation shall reach only 2024 billion units by 2030.
Earlier in September 2023, G20 summit was held under India’s presidency where in an expectation to pass a marquee declaration to ensure energy and supply chain security was expressed. The development comes in the wake of Russia-Ukraine war and supply disruptions in China.