India plans to add 76 GW of utility-scale solar and wind power by 2025.
This target is likely to help the country save up to $19.5 billion a year, as per the reports.
According to the Global Solar Power Tracker and the Global Wind Power Tracker, India ranks among the top seven countries in the world in terms of renewable power.
“Annual savings in India can skyrocket if the coal to clean switch matches the country’s ambitions. India plans to add an additional 420 GW of wind and solar power
by 2030, which would increase the annual savings from avoiding coal power to more than US $58 billion, with the total savings reaching $368 billion by 2030,” the report stated.
For India, the planned utility-scale solar and wind projects would cost around $51 billion. India’s switch from coal to clean power is under the slogan “Save money, slash emissions.”
“India accounts for five per cent of all prospective utility-scale solar power globally, trailing only China, the US, and Australia, while placing 17th globally in prospective wind power capacity,” the report added.
To be noted, the country wants to achieve a net zero emissions target by 2070.