India at Davos: ‘we achieved our NDCs nine years in advance’

Speaking at the World Economic Forum at Davos, India’s minister of power Raj Kumar Singh outlined the country’s transition achievements. Singh’s comments came in response to criticism from governments and investors regarding the country’s fossil fuel imports from Russia. Singh argued: “India is the only major economy whose energy transition is consonant with a sub-2°C rise in global temperature. We achieved our NDCs [Nationally Determined Contributions] nine years in advance – we had said that we’ll have 40% of our capacity coming from non-fossils by 2030, and we achieved that in 2021.” By 2030, the country is now targeting a 50% non-fossil fuel share in energy supply. Singh’s comments suggested that India’s renewable energy value chain is poised for near-term growth fuelled by not only favourable policies but also significant capacity expansions and a political willingness to cut the emissions intensity of Indian industry. Current estimates of renewable energy investment in India are around $14.5bn, a year-on-year increase of 125%.