India has announced ambitious climate targets, such as installing 500 gigawatts of renewable energy capacity, reducing the emissions intensity of its economy by 45 percent.
- Jun 08, 2023, 2:00 PM CDT
The Bank of America expects significant investment in India's renewable energy, battery storage, and green hydrogen sectors.The Indian government has repeatedly been calling for the world’s richest countries to help develop its clean energy industry to support a global green transition. India has significant renewable energy potential, from wind and solar to tidal and hydropower resources, but it requires high levels of funding to effectively tap into these resources.
The government hopes to build upon India’s success in renewable energy through the accelerated development of a wide range of green energy projects over the coming decades. India has become the fastest in renewal energy capacity addition among the world’s major economies. In 2014, its renewable energy capacity stood at 20 GW, , a figure that it far surpassed.
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