India is a Solar Superpower

People will often begin climate change speeches by emphasizing the terrible costs the climate crisis is already imposing.  

On economies, on people, and on our planet.  

But today I want to instead talk to you about opportunity.  

The global clean energy revolution is not stopping.  

Two trillion dollars was invested in clean energy and infrastructure around the world last year, according to the IEA. 

Factories have been built, orders have been placed, and more and more people are getting access to cheap, clean, and reliable energy and new, more resilient infrastructure.  

Changing lives, all over the world.  Lifting living standards for billions.  Driving economic growth and strengthening economies in nations that take strong climate action. 

Yes – global heating is real, here, and imposing growing costs right now. But governments and businesses are building clean energy because it’s strategic and profitable.  

This is the biggest economic transformation of our age, that means it is the biggest economic and commercial opportunity too.  

Those that take the lead have a chance to benefit massively from a new order.  

Where some governments talk, India delivers.  

India is already a solar superpower, one of only four countries to have installed more than 100 gigawatts of solar. Part of 200 gigawatts of renewable energy capacity.  

Energy access is on the rise – with every village in India being electrified well ahead of schedule.  

Now there is a real opportunity to take the next step, and unleash even bigger benefits for India's 1.4 billion people and economy. 

Doing so requires a strong climate plan – a Nationally Determined Contribution. 

But where in the past these documents focused almost solely on cuts in emissions of greenhouse gases and of fossil fuels, I am asking that these plans now focus on the huge growth potential. Growth in wind and solar, growth in living standards, growth in jobs.  

India is already headed firmly in this direction, but an even stronger embrace of the global clean energy boom will supercharge India's economic rise. 

You already led the way by increasing economic growth while decreasing energy intensity. Creating the International Solar Alliance. And setting impressive targets for clean energy growth.   

Now you have a chance to go even further.

To realize ambitious plans to deploy hundreds more gigawatts of renewable energy capacity.  

To lead a new wave of green industrialization, developing, scaling, and exporting vital technologies. 

Nations are racing to seize the biggest economic and commercial benefits of the clean energy boom. When one nation steps back, others will surely step forward.  

To reap the biggest benefits in this race, nations need an integrated approach: 

governments, businesses, and society working together to ensure research, investment, education, and training align.  

More and better climate finance is essential here – international and national, public and private. I would also be remiss if I didn’t remind my international colleagues present – especially those from advanced economies – of the clear need for more and better climate finance, especially for climate resilience.  

India is powerfully placed to seize the dividends that flow from ambitious, economy-wide climate plans.  Key among them is Prime Minister Modi's leadership in prioritizing LiFE (Lifestyle for Environment) – unleashing the power of institutions, communities, and individuals to protect the environment and promote a circular economy. 

Together, India's leaders have an exciting opportunity: to deepen whole of economy industrial strategies that ensure India is a dominant force in clean energy and industry. 

We are talking about industrialization, that benefits everyone, through decarbonization.  

The alternative – inaction – is a recipe for massive human and economic destruction. 

Without increasing climate action, especially by the G20, we’ll be facing much more dangerous rises in temperature.  

As it is, we are already paying the brutal price of heatwaves, disruptions to the monsoon, droughts and floods, that drive down food production, and drive up hunger and inflation, all around the world.  

All nations are reliant on interdependent supply chains. When Cyclone Michaung caused devastating damage, it ended lives and ruined livelihoods. It also shut manufacturing plants in Chennai, hurting the tech and auto industries.  

Without concerted climate action, the costs of these disruptions will grow and grow. According to SwissRe as much as 35% of India’s GDP could be eroded by 2050.  

The Reserve Bank of India says climate change is already disrupting the financial system. 

This is an argument to invest heavily in resilience measures. Investment in adaptation yields huge returns – as well as avoiding costly harm to people, property, and vital infrastructure.  

The public and private sectors need to work together, to apportion risk, as well as realizing benefits. I humbly offer the support of UN Climate Change to the countries that need it, to help work on national adaptation planning process, sharing the lessons we’ve learned.

So, today, I ask everyone in this room to work together to put in place targets and plans. 

Investment strategies and capital. Overcome hurdle rates and bureaucratic blockages. And work together to truly make India a solar superpower. A clean energy giant. 

Indian investors and businesses will surge ahead in key industries. Electric India will never look back, and 1.4 billion people will reap the vast rewards, now and in the years ahead. 

Thank you. 

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