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Empowering India The Clean Energy Growth Opportunity Will AtkinsonLaurens SpeelmanChiara Gulli with Galvanize Climate Solutions May 2025 Executive Summary India is growing fast—and with much of its infrastructure still to bebuilt, India can bypass legacy systems to build a clean energy future From homes to vehicles, electrification is growing fast.Electricityaccess has improved 3xfaster than many other regions,while electricvehicles (EVs) aretaking off—led by two-and three-wheelers, which In this report, we go beyond legacy narratives to highlight India'srapid progress and its opportunity to show the way toward a India has prioritized stable policy for clean energy and efficiency.India has been a leader for recentefficiency improvements, thanks toa suite of policies and market incentives across sectors. As the Union India’s energy demand is growing fast.Electricity demand could triple by2050, led by the increasing need for space cooling in a warming world.Peak demand is outpacing supply, even if all planned thermal and hydro Cities are leveraging incentives to scale up quickly.From rooftopsolar in Varanasi to EV policy in Delhi and efficient design in PalavaCity, several cities across India are showing what is possible. Growing cleanly has many payoffs—from cutting costs to raisingrevenue, and from millions of jobs gained to millions of lives saved. India imports fossil fuels but is self-sufficient in renewable energy.Thecountryis a net importer of coal, gas, and oil,costing 5% of the nation’sGDP. But renewable energy is a reliable resource—with enough domesticresources and manufacturing to fully supply its solar, wind, and batteries. With more investment, India can go even faster. All sectors haveroom for more, from grid reform to revenue-raising methane action. Increased investment is bringing record renewables deployment. Some India's immense growth is an extraordinary opportunity.From steel 93% of investment for power generation is now in clean sources, andsolar-plus-storage is already cheaper than coal on a life-cycle basis.Renewables are expected to supply most of India's new generation. production to home construction, India will see more growth thanany other region. If that share of growth is met by a similar share ofclean energy investment, there will be broader benefits for all. A different mindset for India India can be a test ground for progress at scale, from lower-cost green hydrogen to innovative energy efficiency India’s energy demand sources are set to double, triple, or more There will be rapid growth across sectors, led by the need for space cooling in a warming world With the world’s largest growth, India has an opportunity to build right the first time From steel production to building space, India’s potential for solutions is far above other regions MOTIVATION: AN UNPARALLELED CLEAN GROWTH OPPORTUNITY Which means India’s projects are a different scale Across clean energy, industry, and cities India imports fossil fuels but is rich in renewables Though India imports all three fuels at a growing cost, renewable energy is a reliable resource But barriers must be overcome to meet near-term demand growth Local constraints from underestimated load growth,due to cooling demand and new loads including EVs Insufficient storage and transmission,leading to Delayed power purchase agreements for renewables,due to slow processes and anticipation of lower tariffs Fuel and generation shortages,including issues ofcoal supply, high-cost gas, and drought for hydropower India could see evening power shortages of20–40 GW by 2027, even with all plannedthermal and hydro capacity built on time Utility finance challenges (despite improvement),particularly for local Discoms Past progress has been led by three factors Renewables, electrification, and efficiency are on track to rapidly transform the energy system India’s electricity investment is moving from fossil to clean as it grows 93% of capital is now in clean sources, with 2x as much investment as five years ago Clean portfolios are quickly becoming India’s least-cost option New solar is cheaper than existing coal Clean energy deployment rose higher than ever in 2024 With further growth expected across solar, wind, and batteries PROGRESS THUS FAR: RENEWABLES Cleantech manufacturing will help ensure India’s progress India is a net exporter of wind generators; incentives and investment are enabling the same for solar and batteries PROGRESS THUS FAR: RENEWABLES Case study: rooftop solar in Varanasi India has nearly doubled the total home rooftop capacity in 10 months, including 15x growth in Varanasi PM Surya Ghar Programfrom the national government,aimed at solarizing 10 million homes by 2027 Clear local targets and tracking, roughly doubling thenational average in solarized households per capita Doubling the number of market vendors, with bankinginstitutions engaged to ensure access to finance Enhanced c