ICRA Comments on PM’s announcement on India becoming carbon neutral by 2070

ICRA Comments on PM's announcement on India becoming carbon neutral by 2070

The announcement by the Hon’ble Prime Minister on India achieving carbon neutrality by 2070 and meeting 50% of our energy requirement from RE sources by FY2030 reiterates the Government’s commitment for promoting renewable energy sources. Further, the increase in the renewable power capacity target for FY2030 to 500 GW from 450 GW earlier would strengthen the investment prospects in the renewable energy sector. This is a five-fold increase from the current capacity of 101 GW and would entail investments of more than USD 300 billion, apart from additional investments in augmenting the evacuation infrastructure and building storage capabilities. The availability of adequate funding avenues and easing of land acquisition challenges remain important to achieve these targets.”