Mumbai (Maharashtra) [India], February 24 (ANI): M Nagaraju, Secretary, Department of Financial Services (DFS), on Monday, said that India's ambitious target of achieving 500 gigawatts (GW) renewable energy target by 2030 requires Rs 33 lakh crore.

Speaking at the National Workshop on Mobilising Finance for Renewable Energy in Mumbai, the DFS Secretary further said that one-third of the necessary investment would come from private investors, with Public Sector Banks (PSBs) pledging Rs 10 lakh crore.

He added that renewable equity is sustainable and prepared for the future, and this area continues to draw investors.

'Public Sector Banks (PSBs) have pledged Rs 10 lakh crore, contributing 1/3rd of the required investment, while the remaining will come from private investors. RE equity continues to attract investors due to its sustainable and future-ready nature,' he added.

India pledged to reduce emissions at the COP26 Summit in Glasgow in 2021 to achieve 500 GW of non-fossil fuel-based energy generation by 2030.

In 2023, the government declared a plan to add 50 GW of renewable energy capacity annually for the next five years to achieve the target of 500 GW by 2030.

According to the latest official data by the ministry, India has reached a significant milestone in its renewable energy journey, with the country's total renewable energy capacity crossing 200 GW (gigawatt).

According to the Central Electricity Authority, the total renewable energy-based electricity generation capacity now stands at 203.18 GW. This achievement underscores India's growing commitment to clean energy and its progress in building a greener future.

India's total renewable energy installed capacity surged by an impressive 24.2 GW (13.5 per cent) in just one year, reaching 203.18 GW in October 2024, up from 178.98 GW in October 2023.

Additionally, when including nuclear energy, India's total non-fossil fuel capacity rose to 211.36 GW in 2024, compared to 186.46 GW in 2023, as per the official data. (ANI)