India Needs Over 3 Times More Green Investments For 2030 Climate Target—In Charts

India’s rapidly growing green investments remain significantly short of what is needed for the country to achieve its 2030 climate targets.

Green finance flows to key real economy sectors like clean energy, clean transport and energy efficiency stood at an average Rs 3.09 lakh in FY19 and FY20, according to an analysis by the Climate Policy Initiative. That’s a fraction of the annual Rs 11 lakh crore that is estimated to be required.

Narendra Modi’s administration is aiming for 50% of India’s power needs by 2030 to come from non-fossil fuel sources, while reducing emissions intensity. The cabinet has approved the updated Nationally Determined Contribution but India is yet to submit it to the UN Framework Convention on Climate Change.

The analysis tracked both public and private investment flows in three key areas—clean energy, clean transport and energy efficiency. It noted that between FY18 and FY20, annual green finance flows had grown more than 150%. Yet, it said that much faster growth and supporting policy is required to fill the investment gaps.

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