Context According to an analysis by climate and energy research firm, CEEW Centre for Energy Finance (CEEW-CEF), in order to meet its goals of net zero by 2070, India will need close to $10 trillion (Rs. 700 lakh crore).
CEEW is the Council for Energy, Environment and Water Research, a think tank in India.
Key estimates by the firm
Around $8.4 trillion would be needed to scale up generation from renewable energy and bring together the necessary infrastructure.
Another $1.5 trillion would have to be invested in the industrial sector for setting up green hydrogen production capacity.
Green hydrogen is made from renewable energy and can be used for many things, from heating to powering batteries as well as fuelling vehicles.
India would require investment support of $1.4 trillion from developed economies to bridge the gap.
Another study by the firm
The CEEW had computed earlier that India’s total installed solar power capacity would need to increase to 5,630 gigawatts by 2070.
The usage of coal would need to peak by 2040 and drop by 99% between 2040 and 2060.
Crude oil consumption across sectors would need to peak by 2050 and fall substantially by 90% between 2050 and 2070.
Green hydrogen could contribute 19% of the total energy needs of the industrial sector.
