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Article31 Oct 2023

India Clean Energy: Progress & Policy

A recent report from Citi Research’s Saurabh Handa and team looks at progress on India’s pathway to net zero.

India has committed to being a net zero emitter by 2070. Since it made that pledge at COP 26 in Glasgow in 2021, India’s government has unveiled new policies and regulatory action aimed at developing technologies to help the world’s most populous nation meet that target.

 India's road to 'net zero'

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Source: Citi Research

Several companies in India have announced their own net zero goals, and their plans to reduce their carbon footprint through technology.

These clean energy drivers are primarily focused on: renewables, battery storage, electric vehicles, carbon capture, green hydrogen, and biofuels.

Let’s look briefly here at progress in renewables- so far the clear bright spot among those themes.

Renewables – Solar System

India’s renewable energy sector in India has witnessed huge change in the past 7-8 years.The government has an ambitious target of 500 GW of non-fossil fuel-based capacity by 2030.

Policy has focused on increasing the contribution of renewables to the overall energy mix.

The share of renewables in installed power generation capacity has increased to ~30% in FY23 vs. ~10% in FY10.

India – Installed Power Capacity Mix

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