India's plan to decarbonise will require $215-billion investment: Moody's

NEW DELHI: India's transition to a low-carbon economy will require between $190 billion to $215 billion in investment over the next seven years, as the country aims to meet its renewable energy goals, rating agency Moody's said Thursday.

"The government's approach to addressing job losses in legacy industries will be crucial in mitigating the risks tied to decarbonization," John Wang, Moody's Vice President, noted.

India has made significant strides toward decarbonisation, with the country committing to achieving net zero emissions by 2070, it noted. While progress has been made toward its 2030 interim targets, Moody's emphasised that India's fast-growing economy and expanding population will continue to drive demand for energy, particularly from carbon-intensive sectors. This growth complicates the transition to a low-carbon economy, making the path to achieving the 2070 goal more challenging.