India Needs USD 350- 400 Billion Annually by 2047 for Clean Energy Ambitions, Says KPMG Report
India must invest an average of USD 350-400 billion per year by 2047 to meet its clean energy goals, according to a KPMG report titled "Pivoting to Leadership – Re-imagining supply chains for India’s emergence as a credible alternative for global clean energy manufacturing."
October 12, 2023. By News Bureau
The report highlights the growing demand for a large-scale energy transition due to India's population growth and infrastructure development initiatives. This mirrors a global trend requiring an estimated USD 4.5 trillion in annual energy investments worldwide until 2050.
The report emphasizes the importance of India optimizing its manufacturing and supply chain to meet domestic and global energy needs. It also highlights the need to diversify renewable energy supply chains, as over-reliance on centralized supply chains poses a significant risk.
India is positioned to play a vital role in clean technology manufacturing, potentially capitalizing on a USD 300-400 billion opportunity by the end of the decade. India's strategic location, government support, manufacturing clusters, and skilled workforce create a promising environment for its role in the global energy transition.
The report also forecasts that India's energy transition could create 5-6 million jobs by 2030, with manufacturing accounting for about 30 percent of these roles. To seize these opportunities, the report recommends developing the right strategies, focusing on innovation, creating robust supply chains, and implementing new commercial frameworks.
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