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India's renewable energy expansion has saved an estimated USD 100 billion in fossil fuel import costs over the past decade and could save another USD 100 billion in the next five years, Paolo Frankl, Head of the Renewable Energy Division, International Energy Agency (IEA).
Addressing the Bharat RE Summit & Expo 2026, Frankl highlighted the economic benefits of India's transition towards renewable energy, particularly in reducing dependence on imported fossil fuels and strengthening energy security. He said that without the expansion of non-hydro renewable energy capacity since 2010, India's dependence on fossil fuel imports would have been approximately 50 per cent higher than current levels. We calculated what India's import dependency on fossil fuels, coal and gas would be. If non-hydro renewables were not built since 2010, today, the import dependency would be 50% higher in the order of 110 million tons of coal equivalent, he said. He further noted that the additional fossil fuel requirement avoided through renewable energy could double by 2030. This is the benefit to energy security diversification, and it has very important economic implications. If you look at the historical prices, we calculated that cumulative... he added. He also highlighted India's renewable energy investments have helped the country avoid substantial expenditure on fossil fuels over the past decade. India saved USD 100 in a decade, and most importantly, it will save another USD 100 billion in the next five years, and if you think that in the next five years there will be investment for USD 200 billion in renewables, you could say, well, half of it is kind of financed by these savings, he said. He said the findings underline the importance of renewable energy expansion in strengthening India's energy diversification and long-term energy security. He further highlighted India's growing role in global solar photovoltaic (PV) manufacturing, saying the country has emerged as the world's second-largest producer of solar PV, with significant capabilities in module manufacturing and expanding capacity in cells and wafers. Highlighting India's contribution to solar manufacturing outside China, he said the country already accounts for approximately 50 per cent of non-China module production, while its share in wafer manufacturing could reach 40 per cent by 2030. Now, this is the result of comprehensive industrial strategy through the production-linked incentive and also approved list of models and manufacturers that have been a real breakthrough in this field, he said. Emphasising the global significance of India's expanding solar manufacturing capacity, he added, I insist this is not just important for India. This is important for the whole world. (ANI)
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