Calling India a “red hot investment opportunity” because of the country’s efforts to increase the share of renewables in the energy basket, special US presidential envoy for climate John Kerry said on Tuesday that “global investment in new clean power capacity is set to exceed $10 trillion through mid-century, more than six times the investments in dirtier options”.
Kerry made the comment while delivering the keynote address at the annual leadership summit of South Asia Women in Energy — a platform launched in 2019 by the US India Strategic Partnership Forum (USISPF), in partnership with United States Agency for International Development (USAID).
Kerry, who is the former US secretary of state, is touring Abu Dhabi, New Delhi, and Dhaka, between April 1-9 for consultations on increasing climate ambition, ahead of US President Joe Biden’s Leaders’ Summit on Climate scheduled in April 22-23.
“I want to see India flourish as a clean tech hub of Asia, producing and deploying clean technologies and playing a critical role in global clean supply chains,” Kerry stated. Earlier in the day, Kerry met Prakash Javadekar, the Union minister of environment, forest and climate change.
“In 2021, we stand at the precipice of a rare opportunity to create new technologies and new markets,” Kerry said, adding that “India sees this and India is seizing this opportunity.” India has set a target to raise the capacity of installed renewable energy generation plants from the current level of 93 giga-watt (GW) to 450 GW by 2030. About 35 GW is under various stages of implementation and 30 GW under various stages of bidding. If the 45.7 GW of hydro and 6.8 GW of nuclear capacities are included, the target under the Paris climate change accord of having 40% of installed power generation capacity from non-fossil fuel sources can be achieved by 2022 itself.