India set to be renewable energy hub with hundreds of billions earmarked for projects

Significant investments for renewable energy in India are being committed due to its ‘favourable investment climate’

While sources such as wind and hydropower are gaining traction, the solar sector could be the springboard to help India become a green energy giant

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An employee walks away from solar panels near a hydrogen plant at Oil India Limited in Jorhat, India, on August 17, 2023. Photo: AP

Published: 5:00pm, 21 Jan 2024

India is fast becoming a focal point for renewable energy deals, with a series of recently signed multibillion-dollar agreements spotlighting the “favourable investment climate” that has attracted domestic and global firms in the last few years.

At the Vibrant Gujarat Global Summit earlier this month, Asia’s wealthiest tycoon Gautam Adani pledged a staggering US$24 billion for various green energy projects in the western Indian state over the next five years.

The event, which ended on January 12, saw deals worth a total of US$86 billion signed, more than half of which related to sustainable energy.

A similar optimism was seen at the Tamil Nadu Global Investors Summit on January 7-8, where companies signed deals worth 6.64 trillion rupees (US$79.8 billion), with a quarter of that sum to be allocated to the energy sector alone.

RK Singh, the federal minister for new and renewable energy, on Monday said the government had earmarked a whopping 9.65 trillion rupees (US$116 billion) towards the sector over the next few years.

What underscores this series of investments is the substantial financial commitment to renewable energy efforts. With an insatiable appetite for energy across industries, India has been fortifying its renewable energy systems, aligning with ambitious goals to reduce carbon emissions.