India will overachieve Paris pact targets by 60% : IEEFA
India would significantly exceed its 2015 Paris Agreement target of a 40% share of installed power capacity from non-fossil fuel sources by 2030, stated the US-based Institute for Energy Economics and Financial Analysis (IEEFA).
Based on India’s Central Electricity Authority (CEA) projections, instead of 40%, India will have 63% of installed capacity from non-fossil fuel sources by 2029-30. And this amounts to 60% more than what India had committed to achieve under the 2015 Paris Agreement on Climate Change. IEEFA’s statement is based on a report released by the CEA. The CEA’s report on Optimal Energy Mix scenario projects that India could have 63% of its installed power capacity from non-fossil fuel sources, including hydro, by 2029-30. According to the CEA, the growth in new installed power capacity will lead renewables to generate close to 44% of all electricity consumed in India in 2029-30.