NEW DELHI : In what may help India’s clean energy efforts, consultancy firm EY and lobby group Federation of Indian Chambers of Commerce and Industry (FICCI) have identified opportunities low-carbon investment requiring an equity investment of around Rs.2 trillion.
“EY – FICCI identifies over 600 ‘off the shelf’ low carbon investment opportunities,” EY said in a statement and added, “The project pipeline has the potential to accelerate INR 2 Lakh crore from equity and INR 4 Lakh crore of project finance debt. “
These projects concern areas such as the production of renewable energy, the manufacture of green energy equipment and green mobility. It also comes at a time when India is running the world’s largest clean energy program and is looking to play a global leadership role in the fight against climate change. These sectors form an important component of this playbook.
“EY, in collaboration with FICCI, today released a report titled ‘Accelerating Post-Pandemic Economic Recovery with Clean Energy Infrastructure and Jobs in India’, which highlights concrete policy recommendations to balance the goals of economic recovery and climate neutrality in post COVID recovery efforts by government of India, “the statement said.
Investor interest in the Indian clean energy space has remained strong despite the global turmoil caused by the covid-19 pandemic, as the global energy landscape evolves towards environmental, social and governance (ESG) investments.
“The report highlights the need for new energy infrastructure to boost economic recovery and self-sufficiency without reversing trends in greenhouse gas (GHG) emissions, air pollution and other climate change-related shocks in the world. era of post-COVID economic recovery, ”the statement added. .
“Policymakers need to reflect on the urgency of the challenges posed by COVID-19 and leverage existing clean energy programs for rapid economic recovery. In addition, low-carbon, labor-intensive, ‘shovel-ready’ infrastructure projects that have strong interactions with the hard-hit construction industry must be at the center of efforts. post COVID green revival, ”said Somesh Kumar, partner and national leader, electricity and utilities, EY India in the statement.
India is running the world’s largest clean energy program to reach 175 GW of renewable capacity. According to the Central Electricity Authority, by 2030, the country’s electricity needs would be 817 GW, more than half of which would be clean energy.
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