RE100 has had a presence in India since 2015, when information technology company Infosys pledged to transition to 100% renewable electricity. Since then, several other leading Indian companies have also joined RE100, including Dalmia Cement, Tata Motors and Mahindra Holidays.
Ahead of the COP21 climate negotiations in December 2015, the Government of India pledged to reduce carbon emissions relative to GDP by 33-35% by 2030 (2005 baseline), and to source 40% of the country’s electricity from non-fossil fuel-based sources by the same year.
Since then, the Government has set a bold renewable energy target of 175 gigawatts (GW) by 2022, providing a huge opportunity for investors and companies to help drive the growth of renewables.
In 2020, India auctioned 2 GW of solar projects at tariffs below the 2019 average, reaffirming investor confidence in the country’s solar future. According to IRENA, the country produces some of the most cost-effective solar electricity in the world.
Yet in 2019, India was cited by RE100 members as a challenging market for corporate sourcing of renewables. A fragmented policy and regulatory framework that differs from state to state, and uncertain charges and taxes on sourcing of renewables, are the main impediments reported by businesses.
Through their membership of RE100, both Indian companies and multinationals with operations in India are aiming for closer cooperation with regulatory authorities and other key stakeholders in each state.
For more information on RE100 in India, contact Atul Mudaliar, Senior Manager – Energy Transitions (India), The Climate Group.