India Needs Climate Funding for Renewable Energy - Study
Sep 24, 2024 14:01
A new study highlights India's need for increased climate finance to scale up wind and solar power to over 600 GW, emphasizing the importance of international cooperation to achieve this goal.
New Delhi, Sep 24 (PTI) India will need increased climate finance to scale up wind and solar capacities to over 600 gigawatt, a study said on Tuesday.
Enhanced international cooperation, including the provision of grants and concessional finance help to mobilise private capital, is urgently needed to ensure emerging and developing countries benefit equally from the renewables rollout, the report by Climate Analytics and NewClimate Institute said.
For India, the study said, "The country has made impressive progress on wind and solar but would need more international climate finance to scale them five-fold to over 600 GW to meet growing demand and move away coal dependence."
As per official figures, India's cumulative wind power capacity stands at 47,192.33 MW, while solar is 89,431.98 MW as of August 31, 2024.
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