500 GW Clean Energy Target: Finance and Tech Key, Says ASSOCHAM

New Delhi, October 30

To reach its 500 GW clean energy goal, India needs to focus on climate investment, adaptation finance, technology collaboration and industrial competitiveness, according to industry chambers. The views were shared before the COP31 Climate Summit in Türkiye.

ASSOCHAM said in a statement that India's non-fossil fuel power capacity had reached 300.5 GW by July 2026. This followed a record increase of 55.29 GW in financial year 2026.

The chamber pointed out that non-fossil sources now make up more than 54 per cent of the country's total installed power capacity. The milestone comes five years ahead of the 2030 target.

ASSOCHAM President Nirmal K. Minda said India has demonstrated that a fast-growing economy can scale up clean energy adoption. He added that more than half of the country's total installed power capacity now comes from non-fossil sources, achieved before the deadline.

Minda said the COP31 discussions should centre on implementation, with industry in a key role.

He pointed out that about 2.5 trillion dollars of investment will be needed to meet India's 2030 climate targets. Battery storage demand is expected to climb from 37 GWh by 2027 to 236 GWh by 2031-32.

He also said that grid strengthening, storage arrangements and commercially practical clean energy are vital for turning installed capacity into reliable power supply.

The statement added that ASSOCHAM will submit its report to the Prime Minister's Office, NITI Aayog and climate-related groups. The report will provide practical suggestions on mobilising climate finance, accelerating industrial decarbonisation and converting India's climate commitments into investment and execution.