India’s expansion of renewable energy is strengthening its energy security amid uncertainty in global energy markets and offers valuable lessons for other emerging economies, International Energy Agency (IEA) Executive Director Fatih Birol has said.
In a post on X, Birol said India’s experience demonstrated how consistent policies could bring down renewable energy costs and attract investments, while reducing dependence on imported fossil fuels.
“India’s renewables expansion is delivering major energy security benefits amid heightened uncertainty in global energy markets,” he said.
He added that the country’s experience showed “how consistent policies can help drive down renewable energy costs and 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 economic benefits of India’s transition to renewable energy.
Joshi said the transition was not only advancing sustainability but also strengthening the country’s energy security and economic resilience by reducing import dependence and conserving foreign exchange.
The minister shared an ANI report on the IEA’s India Renewable Energy Market Report 2026, which estimated that India could save nearly USD 240 billion on coal and natural gas imports cumulatively by 2030, assuming fuel prices remain broadly in line with their 2024-25 averages.
The report projected annual savings on fossil fuel imports 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 also projected that India’s renewable power capacity could reach around 530 GW by 2030, with solar accounting for more than 350 GW.
However, the agency has stressed 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 highlight how India’s renewable energy expansion could help insulate its economy from volatility in global fossil fuel markets, while offering a policy model for other emerging economies.
(With inputs from ANI)
