India is leading in global clean energy investment: IEA
For the first time, investment in solar power by India is set to overtake investments in oil production. Electric vehicle sales are expected to increase by a third this year following impressive growth in 2022.
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India’s transition towards sustainable energy solutions is proceeding vehemently. It is coming up as a world leader in terms of clean energy investment. According to a report released by the International Energy Agency (IEA), the booming clean energy industry of India is experiencing astounding growth, highlighted by solar investments.
Growth in the domestic clean energy industry is being driven by factors like strong economic growth, concerns about energy security across the world, proactive policy support, favourable regulations and incentives which have attracted significant investments.
IEA Executive Director, Fatih Birol, emphasised India’s achievement in clean energy and said, “Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels. One shining example is an investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”
In the drive towards cleaner alternatives, India has also seen a substantial increase in electric vehicle (EV) adoption. Electric vehicle sales are expected to increase by a third this year following impressive growth in 2022. India’s commitment to electrified end-uses is displayed by the double-digit annual growth in sales of global heat pumps, since 2021.
Mr. Birol highlighted the importance of international collaboration. He said, “Much more needs to be done by the international community, especially to drive investment in lower-income economies, where the private sector has been reluctant to venture.”