This report offers a comprehensive summary of the factors and advancements in the renewable energy sector within the region. It underscores the significant growth in the region's renewable power capacity, surging to over 5.6 gigawatts in 2022 from virtually zero just ten years prior. Despite this rapid progress, renewables constitute only a minimal proportion of the region's overall electricity generation capacity, with end-use sectors still heavily dependent on fossil fuels. Consequently, there is a pressing need for increased efforts to effectively translate ambitious targets into tangible on-the-ground outcomes.
This report focused on the renewable power generation costs in 2022. It shows that after decades of falling costs and improving performance in solar and wind technologies, the economic benefits of renewable power generation in addition to its environmental benefits are now compelling. Moreover, due to soaring fossil fuel prices, the 2021 to 2022 period saw one of the largest improvements in the competitiveness of renewable power in the last two decades.
This report focuses on India’s share of the global carbon budget using four allocation approaches and then employs four energy-economy models to translate these carbon budgets into long-term low carbon pathways for India, thus highlighting key decadal clean energy milestones and policy recommendations for India’s power, industry, and transport sectors.
This report is focuses on fossil fuel transition strategies. It touches on five key trends prominent around the globe that will have a significant impact on the successful transition away from fossil fuels which are transition away from coal, changing role of natural gas in future generation portfolios, mobilization of finance to support transition strategies, private-sector commitments and ensuring a just transition.