GREEN MAKES A CLEAN SWEEP

India's cleantech sector soars on strong government backing, plunging renewable energy costs, and surging investor interest

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In recent years, India has emerged as a leading player in the global fight against climate change. With an increasing focus on sustainability, the country is fast becoming a hotbed for climate action. Cleantech plays a crucial role in mitigating climate change by reducing greenhouse gas emissions and enhancing carbon sequestration. Renewable energy technologies, energy-efficient practices, and sustainable land use strategies help to mitigate the impacts of climate change, such as extreme weather events, rising sea levels, and disruptions to ecosystems and livelihoods.

Cleantech refers to the use of technology towards innovations in reusing, sustainable power sources (solar, hydropower, wind energy, biofuels), green construction, electric vehicles, lighting, etc. India’s cleantech sector is forecasted to emerge as the fastest-growing segment. By 2030, the value of cleantech could surpass that of oil.

Addressing today’s energy challenges, the government is calling for $2 trillion in investments in clean energy by 2030. India’s market potential, including batteries, wind, and solar photovoltaics (PVs), could reach $41 billion by 2040. This transition, dubbed ‘the big switch’ of the century, marks a shift from reliance on oil and gas to cleaner energy alternatives.