Comparing Renewable Energy Investments - Kumaraguru College of Liberal Arts & Science (KCLAS)

Power Play: Comparing Renewable Energy Investments and Impact across Key Indian States

The SDG 7 goal established by the United Nations General Assembly in 2015, aims to “Ensure access to affordable, reliable, sustainable and modern energy for all”. India has shown remarkable progress in achieving goal 7.1 of global electricity access and clean fuel for cooking. Now India has embarked on the mission to achieve 500 GW of non-fossil fuel based energy capacity by 2030 to achieve Goal 7.2 of Renewable and clean energy. This paper explores the capacity of four key Indian states- Tamil Nadu, Kerala, Andhra Pradesh, and Karnataka- who are the ‘Achievers’ of Goal 7.1 which highlights their diverse energy strategies, driven by unique geographic and economic conditions. This study suggests the path for green financing to help meet the targets of sustainability goals and maintain their tags of ‘Achievers’ by analyzing their budgetary allocations, investment trends, and financing mechanisms from 2020 to 2024. It gives a projected budget requirement for these states to achieve the target of 2030. Green Financing is crucial for achieving these goals while maintaining economic growth. This paper also suggests how governments should diversify their financing sources to hit Target 2030.