How to fund India’s USD223 billion renewables dream? New finance sources, policy tweaks may help

A shepherd walks past photovoltaic cell solar panels in the Pavagada Solar Park on October 11, 2021 in Karnataka, India.

Synopsis

India needs to up the ante to tap a wider pool of financing sources to achieve 50% generation capacity from non-fossil fuels by 2030. To reach such a goal, almost three times the scale-up in investment requirement is the order of the day . Over the last six months, global macroeconomic headwinds have become stronger. What lies ahead?

The last seven years have been a dream run for India’s renewable energy sector. As the country ramped up its renewables capacity, backed by government incentives, the sector attracted both domestic and global investors. Between 2014 and 2021, around USD75 billion of funds flowed into solar and wind projects, the mainstay of India’s renewables ambition. The country stood tall as a leader among emerging markets for clean power investment in 2021.

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