IEA: Solar and wind could save India $240B by 2030
Switching to renewables like solar and wind could help India save a massive $240 billion on coal and gas imports by 2030, according to the International Energy Agency (IEA).
This shift not only means more stable energy prices for the country, but also less dependence on global fuel markets.
By 2030, annual savings might reach about $35 billion, exceeding India's actual non-coking coal and natural gas import bill in the financial year 2024-25.
Renewables cut over $100B in India
The IEA points out that between 2011 and 2025, renewable electricity has already cut India's import bills by more than $100 billion.
Looking ahead, solar is expected to lead the way with about 60% of future savings, while wind will add almost 30%.
If all goes as planned, renewables could power 35% of India's electricity generation by 2030.
The report also highlights the need for more investment in things like storage and better transmission lines to keep this green momentum going.