India's Clean Energy Target Demands $400 Billion Annual Investment by 2047, Reveals KPMG Report

India must invest $350-400 billion annually by 2047 to attain clean energy goals, as per KPMG's report unveiled by Union Minister Hardeep Singh Puri at ENRich 2023 event.

The report emphasizes India's urgent shift to clean energy, in line with a global need for $4.5 trillion annual energy investment by 2050. This transition offers a substantial economic opportunity. Anish De, KPMG's Global Head of Energy, stresses the importance of the entire energy value chain. India should optimize its manufacturing and supply chain to meet both local and global energy needs. On a global scale, diversifying renewable energy supply chains is crucial to reduce reliance on a single country, such as China, in centralized supply chains. Strategies like "China + 1" may be necessary to mitigate global renewable energy adoption risks.

India's strategic location and strengths in manufacturing, along with supportive policies, position it for a $300-400 billion opportunity in clean technology manufacturing. Anvesha Thakker, KPMG's Clean Energy Industry Lead in India, stressed the country's potential. India possesses the essential elements for success but must strengthen manufacturing, embrace digital technologies, and prioritize value engineering to fully realize this opportunity and play a pivotal role in the global energy transition.

Thakker also projected that the energy transition in India could create approximately 5-6 million jobs by 2030, increasing to 9-10 million by 2047, with manufacturing accounting for about 30% of these positions. Success in seizing these opportunities hinges on crafting effective strategies, emphasizing innovation, establishing a robust supply chain, and implementing new commercial frameworks, according to Thakker.