India may fall short of its 500-gigawatt (GW) renewable energy target by 2030 unless annual funding increases by 20%. A report by Ember highlights project delays and uncertainties in new renewable energy projects that could raise financing costs, potentially limiting progress.

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• India may miss its 500-GW renewable energy target by 2030 unless annual funding grows by 20%.
• Delays in project commissioning due to land-acquisition issues, grid connectivity delays, and slow power purchase agreements (PPAs) are causing setbacks.
• Increased financing costs could result in India falling short of its target by up to 100 GW.
• A 400 basis point increase in financing costs could raise electricity prices for consumers.
• Investments in renewable power generation and transmission reached $13.3 billion in 2024, a 40% increase from the previous year.
• To meet its targets, India needs to increase annual financing by 20%, reaching $68 billion by 2032.
• A cumulative $300 billion investment is required to meet the 500-GW target by 2030.
• The report stresses the need for a structured framework to evaluate risks and ensure affordable renewable energy.
• Prime Minister Modi’s goal of 500 GW of non-fossil fuel capacity by 2030 was announced at COP26, though not officially part of India’s updated NDCs.
• The 14th National Electricity Plan (NEP-14) sets a target of 596 GW renewable capacity by 2032.