India will have to spend $10 trillion on green investments to drive energy efficiency: Crisil
Crisil in its latest report has said that India will need to invest a staggering $10 trillion in green technologies and energy efficiency initiatives by 2070. The report noted that this investment is critical for the country to meet its decarbonisation goals and work towards achieving net-zero emissions by 2070.
The report also noted that the country has already set ambitious targets for 2030. India aims to reduce its carbon intensity by 45 per cent and increase the share of non-fossil-fuel energy in its total installed capacity to 50 per cent. To meet these targets, India anticipates a significant rise in green investments, which are expected to increase five-fold by 2030. This surge in investments presents a transformative opportunity, valued at nearly Rs 31 lakh crore.
It highlighted that India’s commitment to decarbonisation has never been more urgent, as it emerged as the third-largest emitter of greenhouse gases globally in 2023. The country’s emissions surged by 6.1 per cent last year, contributing to 7.8 per cent of global emissions. With energy demand expected to rise in the coming decades, India faces the dual challenge of balancing rapid economic growth with the need for sustainable energy solutions.
