India has emerged as the most attractive destination for renewable energy investments, the Union Cabinet Minister of Labour and Employment, Environment, Forest and Climate Change Bhupendra Yadav said on March 15.
“India has the fastest growing renewable energy capacity in world. It has emerged as one of the most attractive destination for investment in renewables,” the minister said at the CII Partnership Summit in Delhi.
India has set a target to reduce the carbon intensity of the nation’s economy by less than 45 percent by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070, according to the minister.
The country, with its vast renewable energy resources, has an opportunity to produce green hydrogen for the world, Yadav said.
“Green hydrogen will help India export high value green products, making it one of the first major economies to industrialise without the need to carbonise,” he added.
A number of countries have started to work with India on green partnerships. India is engaged with other countries for green initiatives such as Joint India-UK Green Grids Initiative, International Solar Alliance, Coalition for Disaster Resilient Infrastructure, all aimed at strengthening international cooperation to tackle climate change, the minister said.
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