The new report published by the Institute for Energy Economics and Financial Analysis (IEEFA) has announced that India’s renewable energy investment has increased by more than 125 percent and reached a record $14.5 billion in the financial year 2021-22.
India’s business tycoons such as Reliance Industries (RIL) and the Adani group have committed to mega projects to boost the country's ambitious plans to ramp up their renewable energy capacity. The investment from these companies such as Reliance and Adani contributes to 75 percent of the total investment value in the green energy sector in the FY2022. In 2020-21 the investment in this domain saw a decline of 24 percent due to the COVID restrictions and the total investment value was standing at $6.4 billion.
The report’s author and Energy economist and Lead India at IEEF Vibhuti Garg said, “The surge in renewables investment comes on the back of the revival of electricity demand after the COVID-19 lull and commitments by corporations and financial institutions to the net-zero emissions and to exit fossil fuels"