NEW DELHI :
In what may help towards India’ clean energy efforts, consulting firm EY and lobby group lobby group Federation of Indian Chambers of Commerce and Industry (FICCI) have identified low carbon investment opportunities requiring an equity investment of around Rs2 trillion.
“EY – FICCI identifies over 600 ‘shovel-ready’ low carbon investment opportunities,” EY said in a statement and added, “The project pipeline has the potential to accelerate INR 2 Lakh crore of equity and INR 4 Lakh crore of project finance debt.”
These projects are in areas such as renewable energy generation, green energy equipment manufacturing and green mobility. This also comes at a time when India is running the world’s largest clean energy programme and seeking a global leadership role on tackling climate change. These sectors form an important component of this playbook.
“EY in collaboration with FICCI, released a report today titled, “Accelerating post-pandemic economic recovery with clean energy infrastructure and jobs in India”, which highlights concrete policy recommendations for balancing economic recovery and climate neutrality goals in the post COVID stimulus efforts by Government of India,” the statement said.
Investor interest in India’s clean energy space has remained robust despite the overall turmoil caused by the covid-19 pandemic, with the global energy landscape shifting towards Environmental, Social and Governance (ESG) investing.
“The report highlights the need for new energy infrastructure to boost economic recovery and self-reliance without reversing the trends of greenhouse gas (GHG) emission, air pollution and other climate change related shocks in the post COVID economic recovery era,” the statement added.
“Policy makers need to reflect on the urgency of the challenges posed by COVID-19 and leverage on the existing clean energy programs for quick economic recovery. Also, labour intensive ‘shovel ready’ low carbon infrastructure projects having strong interactions with the hard-hit construction industry must be at the focus of the post COVID green stimulus efforts,” said Somesh Kumar, partner and national leader, power and utilities, EY India in the statement.
India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity. According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy.
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