India’s Renewables Could Save $240 Billion by 2030
India’s rapid expansion of renewable energy could generate nearly $240 billion in cumulative savings on coal and natural gas imports by 2030, according to the International Energy Agency (IEA). The findings highlight the growing contribution of solar and wind power to India’s energy security and reduced dependence on imported fossil fuels.
Renewable Energy Already Saved India $100 Billion
The IEA’s India Renewable Energy Market Report 2026 estimates that renewable electricity helped India avoid more than $100 billion in coal and natural gas import expenditure between 2011 and 2025.
Assuming international fuel prices remain close to their 2024–2025 averages, cumulative savings could reach approximately $240 billion by 2030.
Annual savings are projected to reach $35 billion by 2030, exceeding India’s actual expenditure on imported non-coking coal and natural gas during FY2024–25.
Solar photovoltaic power is expected to contribute approximately 60% of these savings, while wind energy could account for nearly 30%.
India’s Renewable Energy Capacity to Reach 530 GW
India’s renewable electricity capacity is projected to reach approximately 530 gigawatts by 2030, with solar installations exceeding 350 GW.
Wind capacity could approach 90 GW, while hydropower capacity is expected to reach 75 GW.
Renewables are forecast to generate nearly 950 terawatt-hours of electricity annually by 2030, representing approximately 35% of India’s total electricity generation.
Solar and Wind Reduce India’s Coal Import Dependence
The IEA estimates that India’s coal imports in 2025 would have been approximately 110 million tonnes higher without renewable energy capacity installed since 2010.
The agency also emphasised the importance of expanding transmission infrastructure, electricity storage and grid flexibility to support increasing renewable generation.
These investments will be essential for maintaining reliable electricity supplies while reducing India’s exposure to international fossil fuel price fluctuations.
