India’s renewable energy sector is expected to get a big fillip with a likely investment of over USD 15 billion in 2022. It is to be noted that the government is giving a push to electric vehicles, green hydrogen, manufacturing of solar equipment. Also, it has set an ambitious 175 GW renewable capacity target.
With an installed renewable energy generation capacity of a little over 150 GW, India aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects.
As per Bloomberg New Energy Finance (BNEF) reports, new investment made in the clean energy sector in the country stood at USD 6.2 billion in 2020, USD 9.3 billion in 2019 and USD 10.8 billion in 2018. These figures were cited by the minister in a written reply in the Rajya Sabha last month.
“In 2022, we expect the investment in renewable energy to cross at least USD 15 billion,” Union Minister for Power and New and Renewable Energy R K Singh was quoted as saying by PTI.
