India is on track to challenge China’s dominance in the solar energy sector and become a global force in green hydrogen as investments in renewables are increasing rapidly, Indian Minister for Power and Renewable Energy Raj Kumar Singh said in Sydney on Tuesday.
Singh, who is in Sydney to attend a two-day energy forum and meetings of the Quad group of nations, said in an interview that the investments from overseas are helping to position India as a key future supplier of clean energy technology and as an exporter of low-emissions hydrogen and ammonia.
The Quad group of nations includes the US, Japan, Australia, and India.
“Foreign investment in renewables is averaging about $9 billion to $11 billion a year, and is going to go up exponentially, alongside major developments by domestic entities,” the minister said.
Quoting Singh, Bloomberg reported that India will emerge as the biggest manufacturing center for high-efficiency solar cells modules after China and become a major supplier of green hydrogen and ammonia.
According to BloombergNEF, India currently accounts for only a fraction of production of solar cells and modules, with China dominating both sectors. In 2021, China manufactured more than two-thirds of modules and 86 percent of cells.
The Indian government set up the Renewable Energy Investment Promotion and Facilitation Board (REIPFB) as one-stop assistance and facilitation for the industry and investors for the development of projects and bringing new investment to the renewable energy sector in the country.
The ministry is making continuous efforts to boost investments across the value chain by supporting companies through the entire investment process. As per the media reports in June this year, more than $70 billion was invested in India’s renewable energy sector between 2014 and 2021.
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