Financial institutions have pledged a total of $386 billion in investment commitments to help India boost its renewable energy industry, Renewables Energy Minister Pralhad Joshi said on Monday. India targets to have 500 gigawatts GW of renewables capacity installed by 2030, compared to around 153 GW capacity now.
Reliance committed 100 GW of additional renewable capacity, and Adani Green Energy pledged to develop 38.8 GW of capacity. The growing economy and rising electricity demand are boosting estimates for India’s long-term power needs. India’s electricity demand rose by 7% in 2023, the International Energy Agency IEA said in its Electricity 2024 report earlier this year.
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