India needs increased climate funding to scale up wind, solar capacities: Study

India will need increased climate finance to scale up wind and solar capacities to over 600 gigawatt, a study said on Tuesday. Enhanced international cooperation, including the provision of grants and concessional finance help to mobilise private capital, is urgently needed to ensure emerging and developing countries benefit equally from the renewables rollout, the report by Climate Analytics and NewClimate Institute said.

For India, the study said, "The country has made impressive progress on wind and solar but would need more international climate finance to scale them five-fold to over 600 GW to meet growing demand and move away coal dependence."

As per official figures, India's cumulative wind power capacity stands at 47,192.33 MW, while solar is 89,431.98 MW as of August 31, 2024.