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India is on its way to becoming a clean energy powerhouse — helping show the way toward an efficient industrial economy that is resilient for all.
Electricity demand in India could triple by 2050, especially given the need for space cooling in a warming world. Though there are many solutions (including super-efficient air conditioners that can reduce appliance energy demand by 60 percent), there is no doubt that demand will increase as the nation electrifies.
This new collection of research by RMI highlights how India is moving away from fossil fuels and import dependence to meet growing energy demand with clean technologies — all while reducing costs, increasing jobs, scaling domestic manufacturing, and increasing competitiveness. Through policy and innovation, India has made progress toward a clean energy system at remarkable speed, scale, and savings.
As some geographies retreat on the energy transition, India is charging forward. Key findings from this research include:
- India is set to grow and build more than any other region — including nearly half the world’s growth in annual steel production. With 3x as much vehicle travel and 9x as many air conditioners, India’s electricity demand could triple by 2050.
- This growth is an unparalleled opportunity to build right the first time. Unlike in the United States or Europe, nearly all of India’s midcentury building stock has yet to be built. Growing efficiently and cleanly builds resiliency and creates a competitive advantage.
- Fossil fuels are expensive to import — costing 5% of the nation’s GDP. But renewable energy is readily available, and India is already reaching self-sufficiency in the manufacturing of solar modules, wind generators, and battery cells. India’s largest renewable energy project under construction is nearly 4 times the size of the biggest project in the United States or Europe.
- In recent months, electricity from new solar + storage has become cheaper than new coal, and new solar on its own has become cheaper than existing coal power plants.
- Despite the incredible opportunity, India receives only 4% of global clean energy investment. If the finance catches up, India’s transition could save more emissions by midcentury than Europe and North America combined — while charting the way for emerging economies around the world.
Read the full report, Empowering India: The Clean Energy Growth Opportunity to learn more about India’s progress, on-the-ground case studies, key success factors, and how to accelerate.
This analysis was made possible by generous support from Galvanize Climate Solutions. To learn more about how to support RMI’s work, please click here.
