India can generate $212 bn by investing in renewable energy: Report

About 3.4 million jobs can be created if ventures worth $350 billion is invested in initiatives dedicated to renewable energy and cleantech, said study

Despite a slowdown in the economy, India has the potential to generate $212 billion in revenue by investing in renewable energy by 2030, according to a research report.

The report titled 'Investing for Impact: Renewable Energy & Cleantech' by Aspire Circle said India could create about 3.4 million jobs if ventures invest worth $350 billion in initiatives dedicated to renewable energy and cleantech.

The report was prepared with the help of 16 co-authors, which include Amit Bhatia, Founder, Aspire Circle and Aspire Impact, Praveer Sinha, CEO & MD, Tata Power and Tarun Mehta, Co-Founder & CEO, Ather Energy.

According to Bhatia, India is emerging as a dominant player in the renewable energy sector in Asia and an attractive investment destination for the world.

"These ideas will serve and impact 919 million Indians, create 3.4 million jobs, grow the overall sector to a whopping $212 billion by 2030, and help deliver India's Net Zero target of 2070," he said.

During COP26, the PM had said India would build 500 Gw of renewable energy capacity, but that has not been a part of the official submission.

"India will propagate a healthy and sustainable way of living based on traditions and values of conservation and moderation, including through a mass movement for 'LIFE'— 'Lifestyle for Environment' — as a key to combating climate change," said the NDC submission.

The country has added a new target of creating an additional carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent through forest and tree cover by 2030.