The survey observed that the country has already achieved its NDC targets of 40% installed non-fossil fuel electric capacity
According to the Economic Survey, India is increasingly emerging as a preferred location for renewable energy investment. From 2014 to 2021, India saw a total of $78.1 billion in renewable energy investment.
The survey also revealed that there is likely to be more than 800 GW of installed capacity by the end of 2029–30, of which more than 500 GW will be derived from non-fossil fuel sources.
This will cause the average emission rate to fall by about 29% by 2029–30 compared to 2014–15.
According to the report, the nation has already reached its NDC (Nationally Determined Contributions) target of 40% installed non-fossil fuel electric capacity.
At COP 27 in Egypt, India had pledged net-zero targets by 2070. To meet these targets, the country had declared that it will increase its renewables capacity to 500 GW by 2030. It is also moving forward to extract 50% of energy requirements from renewables,
The National Green Hydrogen Mission, sanctioned by the government with a budget of 19,744 crore, is also mentioned in the survey. Its goals are to make India an energy-independent country and to decarbonise the key industries, resulting in 3.6 giga tonnes of cumulative CO2 emission reduction by 2050.
According to the survey, the largest increase in power production between FY22 and FY21 was seen in captive plants and utilities using renewable energy sources.