Abstract
India is a developing country, set to become the third largest in the world, driven by reforms and resilience. Today, India stands on the cusp of transforming into clean energy with high consumption requirements. As India strides towards its transformative journey, it becomes essential to move ahead sustainably. This paper is an attempt to analyze the growing importance of renewables in the clean energy sector while also emphasizing how India can be made a hotspot of renewable energy, unlocking various investment opportunities. While analyzing the different avenues of investment, the paper also delves into understanding the challenges associated and recommends ways to overcome them. India, with its triple renewables, aims to become the global powerhouse of green energy, offering a lucrative opportunity to investors and contributing to a stable and resilient economy.
Keywords: Â renewable energy, investment, sustainabilityÂ
Introduction
India, an emerging nation, aims to continue on the path of long-term sustainable development. The UNDP laid down 17 goals for achieving sustainable development, of which goal 7 underscores the importance of affordable and clean energy in mitigating the risks associated with climate change.
 In this transitory era towards clean energy, India has taken significant steps and made robust policies to achieve its goal of tripling the global renewable energy capacity and making India an attractive destination for investors to invest in the rapidly growing economy.
For many decades, coal and fossil fuels have been at the forefront of facilitating the industrialization and modernization processes. Still, heavy dependence on traditional means of energy has positioned India to be third in global greenhouse gas emissions. To reduce its impact, India is working towards widespread adoption of green fuels, which, in turn, is also emerging as a notable player in the energy sector.
India in the coming decades will be a powerhouse of renewable energy sources and achieve its targets of having installed renewable energy capacity of 450 GW by 2030.
India acts as a pioneer in adopting the new economic model of development with the least carbon emissions, mitigating the climate risks. It has emerged among the top five clean energy producers worldwide. Thus, with ambitious targets and robust policies in the clean energy sector, India is set to become an ideal hub for investors.Â
Historical background of renewable energy in IndiaÂ
India stands at the forefront in a global race to achieve energy security, with a prime focus on promoting the use of clean energy. According to the statistical review of World Energy 2024, coal supplied 56.3% of India’s primary commercial (not including unprocessed biomass), followed by oil at 27.1%. Solar, wind, and other new renewables supplied 6.1% of primary commercial energy, followed by natural gas at 5.7% and hydro at 3.56%. The smallest share of primary commercial energy came from nuclear at 1.1%. From the above data, it can be inferred that coal has the highest share and thus contributes to greenhouse gas emissions. India is gradually trying to shift its focus towards enhancing the renewable energy sector and took its first steps in the 1970s, and from then on it has been tied to its commitment to bringing a change in the energy consumption pattern of India.
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