While India is ‘on track’ to achieve many of its 2030 green energy goals, the country will need more support to accelerate the development of offshore wind, electric vehicles (EVs), and green hydrogen (GH2), a new report by the Center for Study of Science, Technology and Policy (CSTEP) and the International Institute for Sustainable Development (IISD) has said.
According to the report, entitled Budgeting for Net Zero: Government support needed to meet India’s 2030 clean energy goals, India is on track to achieve goals related to solar PV and battery energy storage systems (BESSs), backed by government subsidies and policy support.
Emerging technologies such as offshore wind and GH2, however, will require ‘immediate additional and sustained investment to reach cost competitiveness’, it notes.
India’s central government has set a target of bolstering energy independence by ramping up a range of clean technologies by 2030, as well as reducing air pollution and greenhouse gas emissions.
Clean energy ambition
“India’s clean energy ambition is remarkable, and delivering on these goals will require bold investments and policy alignment,” commented Swasti Raizada, policy advisor at IISD and co-author of the report. “Emerging technologies like offshore wind and green hydrogen represent transformative opportunities for the country’s energy landscape but need sustained support to realise their potential.”
Offshore wind, which offers a potential of 71 GW, requires government support of approximately INR 9,000 crore (~USD 1.08 billion) per GW to achieve competitiveness, the report states.
EV adoption will also need more funding, particularly for electric two-wheelers, with a cost gap of INR 19,000 crore (USD 2.29 billion).
Public investment
The report highlights that early public investments will catalyse larger private-sector contributions, driving job creation, economic growth, and environmental resilience.
“Investing now in clean energy technologies, even for high-cost sectors like offshore wind and green hydrogen, will ensure India’s global competitiveness and long-term economic and environmental resilience,” commented Anasuya Gangopadhyay, Senior Associate at CSTEP and co-author of the report. Read more here.
