Likely to emerge among top five nations in G-20
India is all set to emerge among the top five nations in G-20 group in terms of clean energy investments worldwide and is likely to attract $169 billion in wind, solar, biomass, energy from waste, small hydro, geothermal and marine energy projects in the next decade.
According to “Global clean power: a $2.3 trillion opportunity” report brought out by the U.S.-based Pew Charitable Trusts, the annual clean energy investment in India is forecast to grow phenomenally over the next 10 years. Within the G-20, India is on track to climb from the tenth to the third place in terms of clean power project investments worldwide, the report said.
Enhanced clean energy policies would increase private investments in India by 48 per cent, tied with the U.K. for the highest rate of increase in the G-20, the Pew report said. It said under all policy scenarios, India, China, Japan, and South Korea will account for 40 per cent of clean power project investments over the next 10 years.
Over the next decade, India is projected to increase its renewable energy generating capacity to 91GW, five times than what is currently installed.
The report modelled three policy scenarios to determine future growth through 2020: Business-as-usual: no change from current policies; Copenhagen: policies to implement the pledges made at the 2009 international climate negotiations in Copenhagen and; enhanced clean energy: maximised policies designed to stimulate increased investment and capacity additions.