EY Says India’s Path to Net Zero Is Key to the Global Energy Transition
- Muhammad Ahmad
- Dec 3, 2024
- 2 min read
India’s green energy push drives growth and sustainability across renewable sectors
India leads with ambitious climate action plans and sustainable investments
India targets net zero by 2070, with 50% of electricity from non-fossil sources by 2030.
The country ranks 4th globally in renewable energy capacity, with solar growing at 36.5% CAGR over 11 years.
Green financing initiatives fuel sustainable technologies, such as sovereign green bonds and deposits.
India’s energy transition strategy has propelled the nation into a leadership role in global sustainability. With a commitment to net-zero emissions by 2070 and a significant push to source 50% of electricity from non-fossil fuel sources by 2030, India ranks fourth globally in renewable energy capacity. The country’s solar sector has seen impressive growth, with an annual 36.5% compound annual growth rate (CAGR) over the past decade.
This transition is crucial for India’s role in the global energy shift. Its vast potential for solar and wind energy aligns with its rapid economic growth and climate action targets. India is accelerating its clean energy investments by leveraging green financing instruments such as bonds, deposits, and new regulatory frameworks. These steps contribute to a sustainable future and a significant global reduction in carbon emissions.
Technical Focus
India’s energy market is one of the most significant and most rapidly growing in the world. With a population of over 1.4 billion and an increasing energy demand, India’s renewable energy sector holds immense potential. The country aims to generate 500 GW of non-fossil fuel by 2030 and is already a global leader in wind and solar power capacity. With a government policy that fosters innovation in green technologies, India’s energy transition is expected to create long-term economic and environmental benefits.
India’s rapid investment in clean technologies such as solar, wind, green hydrogen, electric vehicles, and battery storage systems (BESS) is a testament to the country’s commitment to sustainable energy. With over $550 million raised for electric cars and billions directed to solar and BESS, India’s energy sector is poised for continued innovation. These efforts place the country on track to reach net-zero emissions ahead of its 2070 target.