Banks Pledge $386 Billion to Support India’s Renewable Energy Industry

Financial institutions have pledged a total of $386 billion in investment commitments to help India boost its renewable energy industry, Renewables Energy Minister Pralhad Joshi said on Monday. India targets to have 500 gigawatts (GW) of renewables capacity installed by 2030, compared to around 153 GW capacity now. The country will need to install at least 44 GW of clean energy capacity every year by the end of the decade to meet the 500-GW goal, according to Bloomberg’s estimates based on data from the Indian Ministry of Power. “We…