August 15th 2024.
In his speech on Thursday, Prime Minister Narendra Modi proudly declared that India has become the first and only G20 country to fulfill its pledge towards creating a green planet, which was made at the Paris Climate Change Summit in 2015. He highlighted the fact that this achievement was made even before the set deadline, setting India apart from other nations.
Referring to the legally binding international treaty on climate change adopted by 196 organizations and nations at the United Nations summit, PM Modi emphasized India's commitment to tackling this global issue. He assured the nation and the world that India is determined to continue its efforts towards a cleaner and greener future, setting a target of 500 GW of clean energy by 2030.
Last December, the government announced that it had successfully fulfilled its first two Nationally Determined Contributions (NDCs), which were to reduce emissions intensity of its GDP by 33-35% by 2030 and achieve 40% of its cumulative electric power installed capacity from non-fossil fuel-based energy resources by the same year. However, India has now raised the bar and updated its targets to reduce emissions intensity of its GDP to 45% and achieve 50% of its cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
Currently, India's total installed capacity of solar photovoltaic power stands at 85.47 gigawatts and wind power at 46.65 GW. The government has implemented various measures and initiatives to promote the development of renewable energy, including solar and wind power. With a goal of achieving 500 GW of installed electric capacity from non-fossil sources by 2030, the Centre has also allowed Foreign Direct Investment (FDI) up to 100% under the automatic route.
According to the Economic Survey, India has a well-established infrastructure that attracts FDI in sectors like greenfield projects, specifically in renewables. This shows that India is not only committed to its own clean energy goals, but also welcomes and encourages foreign investment in this sector. With its determination and efforts, India is paving the way towards a greener and more sustainable future for all.
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