India Banking Big on CleanTech
India as a nation is marching ahead in the race to become cleaner, greener and low carbon footprint nation. This commitment has found an ally in the Indian government which is also optimistic when it comes to CleanTech and renewable energy. On 12th December 2015, world leaders banded together to sign the Paris Agreement. On the day, India set itself a mammoth target, ie: to generate 175 GW of renewable energy, consisting of 100 GW of solar energy and 60 GW of wind energy by 2022. Having achieved the target much ahead of the stimulated time, PM Modi has set a higher goal which will be to achieve 450 gigawatts by 2030. Weather we meet this goal on time or not is another story, but the signs are clear, India is betting big on CleanTech.
The Indian CleanTech market was worth over $25 billion in 2017. India's reneweable sector is currently the fourth most attractive market in the world, said an IBEF report. The market is slated to grow at a CAGR of nine percent per year. The Government of India is also aligning its policies towards enhancing focus on supportive policy framework and regulations to encourage start-ups and businesses in the clean tech industry. This has provided an ample push to startups and entrepreneur to innovate and develop innovative solutions and products in the clean tech segment. A recent joint study by the International Energy Agency and the Council on Energy Environment and Water, stated that the investments in India's renewable energy sector has doubled over the past five years. The trend is only going to grow in the years to come.
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