According to a new report by the US-based Institute for Energy Economics and Financial Analysis (IEEFA), India could become energy independent by 2047, and could transition to near 100% electric vehicles (EV) sales by 2040. The study highlighted India’s efforts to generate 175 GW of renewable energy by 2022, which is expected to increase to 450 GW by 2030, in order to meet the country’s growing energy demands while also reducing reliance on fossil fuels.
The study also pointed out that the Indian government’s plan to make all new cars electric by 2030 has been replaced with a new target of 30% EV sales by 2030, which is still an ambitious target. The report noted that despite challenges such as the lack of charging infrastructure and affordability issues, the EV market in India is growing rapidly, with a 90% increase in EV sales in 2021 compared to the previous year.
The report stated that India’s transition to EVs could result in significant savings in the country’s oil import bill, which is expected to reach $80 billion by 2022. It also highlighted that the shift towards renewable energy and EVs could create more jobs in India and reduce pollution, leading to public health benefits.
The report noted that while there are challenges to India’s transition to renewable energy and EVs, such as the need for policy reforms and investments in infrastructure, the country has made significant progress in recent years and has the potential to become a global leader in the transition to clean energy.
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