India could attract as much as $169 billion in clean power project investments in the next decade, says a report.
According to a report released today by The Pew Charitable Trusts, the annual clean energy investment in India is forecast to grow by as much as 763 per cent over the next 10 years.
Within the G20, India is on track to climb from tenth to third place in terms of clean power project investments worldwide, it said.
Enhanced clean energy policies would increase private investments in India by 48 per cent, tied with the United Kingdom for the highest rate of increase in the G20, the Pew report said.
It said under all policy scenarios, India, China, Japan, and South Korea will account for 40 per cent of clean power project investments over the next 10 years.
Over the next decade, India is projected to increase its renewable energy generating capacity to 91 gigawatts, five times than what is currently installed, it said.
“The message of this report is clear: countries that want to maximise private investments, spur job creation, invigorate manufacturing and seize export opportunities should strengthen their clean energy policies,” said Phyllis Cuttino, director of the Pew's Climate and Energy program.
On Global Clean Power, the report said the clean energy sector continues to be an immense economic opportunity and could attract as much as $2.3 trillion investment globally.
It said G20 members have the potential to gain an additional $546 billion in clean power project investments over the next decade.
The report said total renewable energy capacity additions in the G20 could reach 1,180 gigawatts, almost four times the amount of renewable energy capacity that exists today.