India is looking to attract somewhere around $100 billion in the renewable energy sector in the next five years, increasing its solar target to 15 gigawatts, which is five times the nation’s current capacity. This speculation comes after two separate announcements by India’s Power, Coal, and Renewable Energy Minister Piyush Goyal and advisory company “Bridge to India”.
In an interview that was released to The Economic Times, Minister Goyal expressed India’s intention to become the world leader in renewable energy in the next four years by strengthening its Renewable Purchase Obligations, an instrument to transition the electricity sector toward low carbon production, but alone it’s not enough.
“We’re far ahead of other countries,” says Goyal proudly, “and our perspective is to encourage our industry and do even better. China subsidized the whole business in a very massive way, but India can’t afford to do that.”
Growing economies like India and China, which are expected to contribute more than half of the global increase in carbon emissions in the next 25 years or so, will play a critical role in any effort to combat climate change. With India’s ambitious plans to become the world leader in renewable energy, the future is starting to look a lot less grim.
Read more about the story at The Economic Times.