India’s rapid expansion in clean energy presents a major economic opportunity, and the country is well-positioned to lead the global transition to renewables, UN Climate Change Executive Secretary Simon Stiell said at the 9th Annual Global Business Summit in New Delhi.
Citing India’s achievements in renewable energy, Stiell highlighted that the country is one of only four nations to have installed over 100 gigawatts of solar power, contributing to a total of 200 gigawatts of renewable energy capacity. He emphasized that the global clean energy revolution is already reshaping economies, with $2 trillion invested in clean energy and infrastructure worldwide last year.
“Where some governments talk, India delivers,” Stiell said. He pointed to India’s electrification of villages ahead of schedule and its role in launching the International Solar Alliance as evidence of its leadership in the sector.
Stiell urged India to integrate economic growth strategies with clean energy expansion, emphasizing the need for Nationally Determined Contributions (NDCs) that not only focus on emissions reduction but also highlight economic opportunities in solar and wind energy, job creation, and industrial development.
“There is a real opportunity to take the next step and unleash even bigger benefits for India’s 1.4 billion people and economy,” he said. “An even stronger embrace of the global clean energy boom will supercharge India’s economic rise.”
He noted that India is uniquely positioned to scale up renewable energy deployment and lead a new wave of green industrialization by developing, scaling, and exporting clean 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,” he added.
Stiell emphasized that the success of this transition requires an integrated approach with government, businesses, and society aligning investments, research, education, and workforce training. He also highlighted the need for more international and domestic climate finance to support climate resilience, particularly from advanced economies.
Addressing the risks of inaction, Stiell warned of the rising economic and human costs of climate change, including extreme weather events like heatwaves, floods, and cyclones. “Without increasing climate action, especially by the G20, we’ll be facing much more dangerous rises in temperature,” he said, citing data from Swiss Re that climate change could erode up to 35% of India’s GDP by 2050.
Stiell pointed to Cyclone Michaung as an example of how climate disruptions not only cause loss of lives and livelihoods but also impact supply chains, shutting down manufacturing plants and affecting industries such as technology and automobiles. He called for stronger investments in resilience and adaptation measures, emphasizing that these investments yield high returns and prevent costly economic and infrastructure damage.
He reiterated the UN Climate Change body’s commitment to supporting India and other nations in national adaptation planning and knowledge-sharing. He called for collaboration between the public and private sectors to address climate risks and unlock new opportunities in green energy.
“So, today, I ask everyone in this room to work together to put in place targets and plans, investment strategies, and overcome bureaucratic blockages. 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 for the years ahead,” Stiell said.
