Renewables saved India more than $100 billion on fuel imports — OilPrice

Renewable electricity saved India more than $100 billion on imports of coal and natural gas between 2011 and 2025. This estimate is contained in a report by the International Energy Agency, OilPrice reports.

Less coal imported

According to IEA calculations, without solar, wind and bioenergy capacity commissioned since 2010, India would have imported approximately 110 million tonnes more coal in 2025. The agency expects cumulative savings on fuel imports to more than double by 2030.

IEA Executive Director Fatih Birol said that the expansion of renewable energy gives India significant energy security advantages amid uncertainty in global markets. According to him, consistent policies can reduce the cost of renewable sources and attract investment.

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2030 target

According to the IEA, India has quadrupled its installed clean energy capacity over the past decade. The country is also moving toward doubling the share of renewable sources in its energy mix to 35% by 2030.

At the same time, the agency notes that investment in power grids, energy storage systems and power system flexibility must be accelerated to maintain the pace of development. Among other conditions, the IEA cites strengthening the financial position of energy companies and reducing delays in project implementation.