India needs Rs. 4 lakh cr investment for 113GW renewable energy projects in pipeline: Report.

India will need an investment of Rs. 4 lakh crore for implementation of 113 gigawatt (GW) of renewable energy projects in the pipeline, a report said recently. India's energy transition is gaining momentum post-COVID with strong backing from policy enablers focused on improving ease of doing business, competitiveness, and self-reliant supply chains, the joint report of EY-FICCI said.

According to the report titled 'Accelerating India's Clean Energy Transition', about 103 GW of utility-scale renewable power generation projects and 11 GW of distributed renewable power generation projects are in the pipeline in India.

"Total renewable power generation projects in the pipeline would need approximately Rs. 4 lakh crore of capital investment with the potential to avoid 4,350 MT of CO2 emissions over their lifetime," it said.

The implementation of these projects will create a total of 8,96,500 fresh jobs, the report said.

Somesh Kumar, Partner and National Leader, Power and Utilities at EY India, said, "India's energy transition may leave fossil fuel industries, communities, and workers exposed to muted or declining demand for fossil fuel commodities in the long term. Understanding and addressing the social dimensions of the energy transition is critical to ensure that fossil fuel communities are not left behind."

ET