India must focus on adaptation finance, tech cooperation to reach 500 GW goal: Industry

New Delhi: India’s clean energy transition is advancing rapidly to the 500 GW goal and requires a greater focus on climate investment, adaptation finance, technology cooperation and industrial competitiveness, an industry chamber said on Friday, ahead of the 11-day COP31 climate summit in Turkey starting on November 9.

The statement from ASSOCHAM said India’s non-fossil fuel power capacity reached 300.5 GW in July 2026, following a record 55.29 GW addition in FY26, including 44.6 GW of solar capacity.

India achieved over 54 per cent of non-fossil power capacity, five years ahead of the 2030 target, it said.

“The country has demonstrated that a fast-growing economy can scale clean energy, achieving over half of its installed electricity capacity from non-fossil sources five years ahead of schedule,” said ASSOCHAM President Nirmal K. Minda, adding that COP31 should focus on implementation with industry playing a central role.

Minda said achieving India’s 2030 climate goals would require nearly $2.5 trillion in investment, while battery storage demand is projected to rise from 37 GWh by 2027 to 236 GWh by 2031-32. Strengthening grid infrastructure, storage and commercially viable clean power will be essential to translate installed capacity into reliable electricity, he added.

The statement said ASSOCHAM will submit its report to the Prime Minister’s Office, NITI Aayog, and relevant climate-action groups, outlining actionable recommendations to mobilise climate finance, accelerate industrial decarbonisation and translate India’s climate commitments into investment and implementation.

Saurabh Sanyal, Secretary General, ASSOCHAM, said that clean energy capacity must be connected to the grid, supported by storage and made commercially viable, rather than just being installed. Industry and government must work together to turn climate commitments into projects, he added.

India’s 2035 climate targets include a 47 per cent reduction in emissions intensity from 2005 levels and a 60 per cent share of non-fossil sources in installed electricity capacity.

“Adaptation finance, private investment and trade competitiveness are central to India’s interests at COP31,” said Dr. S. P. Sharma, Chief Economist, ASSOCHAM, noting that iron and steel accounted for 78 per cent of India’s Carbon Border Adjustment Mechanism-covered EU exports in 2023.

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