India becomes Global Leader in Renewable Energy Auction: BNEF

Becoming a global leader in the renewable energy race, India is now the biggest market in the world for renewable energy auctions. Climatescope 2018, a report by Bloomberg New Energy Fund (BNEF) has rank India number two for investments in renewable energy.

India’s second rank indicates a jump of three spots from last year when it was on 5th position. China which was at the top position last year has slither down to the 7th position.

India secured this position with its transformed drive towards clean energy policies and augmented investment in the green energy sector. India attracted 9.4 billion as investment in the clean energy sector during 2017.

Auctioned capacity of India also amplified 68% and investments in clean energy, by and large into solar sector cumulatively touched $7.4 billion in H1 2018

BNEF report covered 103 countries around the world and studies 80 different factors such as the power sector structures, clean energy policies, emissions and installed capacities.

“India’s renewable auctions market is the largest in the world. Over 11 Gigawatt (GW) of projects were awarded through auctions in 2017 resulting in the best year for solar capacity as installations jumped by 90 per cent over the year,” Bloomberg NEF said.

“India’s well-established domestic supply chain assisted the development of clean energy projects further, in spite of competitive auctions putting downward pressure on profit margins across the value chain,” the report added. India has set an ambitious target achieving 175 GW of renewable energy capacity by 2022