India has the world’s second largest population and fourth largest economy. To keep pace with growing commercial and industrial activity, urbanization and rising standards of living, India will require 300–400% increased primary energy supply and 500–600% more electricity generation capacity over the next two decades. Coal-based power plants supply over 50% of India’s electricity, but with domestic supply constrained and imports likely to increase, India is looking to diversify its energy supply. And as one of the 10 largest GHG emitters globally, India’s growing energy demand and GHG emissions will bear important consequences for international efforts to combat climate change.
…the amount of solar power in MW that the government has targeted for development by 2022
India’s leadership is committed to sustainably addressing the country’s energy challenges, and plans to reduce 2020 GHG emissions by 20–25% compared to 2005 levels. To support these efforts, the government of India drafted an investment plan that will tap US$775 million from the Clean Technology Fund (CTF) for transformative investments to improve and expand India’ s hydropower operations, develop untapped solar resources, and improve energy efficiency. The plan was drafted in coordination with the Asian Development Bank (ADB), World Bank (IBRD), and key Indian stakeholders. CTF financing is expected to leverage nearly US$30 billion in additional financing, and will focus in particular on catalyzing private sector development in the low carbon sectors.