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India's expansion of renewable energy is strengthening its energy security amid uncertainty in global energy markets and offers lessons for other emerging economies, International Energy Agency (IEA) Executive Director Fatih Birol said.
In a post on X, Birol said India's experience showed how consistent policies could help reduce renewable energy costs and attract investments, highlighting the role of clean energy in reducing dependence on imported fossil fuels. "Indias renewables expansion is delivering major energy security benefits amid heightened uncertainty in global energy markets," Birol said. He added that India's experience demonstrated "how consistent policies can help drive down renewable energy costs & attract investment, offering valuable lessons for other emerging economies". Birol was responding to a post by Union Minister for New and Renewable Energy Prahlad Joshi, who highlighted the potential economic benefits of India's renewable energy transition. In his post, Joshi said the transition was not only advancing sustainability but also strengthening India's energy security and economic resilience by reducing import dependence and conserving foreign exchange. The minister had shared an ANI report on the IEA's India Renewable Energy Market Report 2026, which estimated that cumulative savings on coal and natural gas imports could approach USD 240 billion by 2030, assuming fuel prices remain broadly in line with their 2024-25 averages. The report also projected annual fossil fuel import savings of around USD 35 billion by 2030, exceeding India's actual non-coking coal and natural gas import bill in FY 2024-25. Solar photovoltaic power is expected to account for nearly 60 per cent of the projected cumulative savings, while wind power could contribute almost 30 per cent. The IEA's projections also indicate that India's renewable power capacity could reach around 530 GW by 2030, led by solar capacity of more than 350 GW. However, the agency has highlighted the need for continued investment in transmission infrastructure, energy storage and power system flexibility to accommodate the growing share of renewable electricity. Birol's remarks underline the wider energy security benefits of India's renewable energy expansion, while pointing to the potential for other emerging economies to draw lessons from the country's policy approach. (ANI)
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