Fossil fuel dominance in power generation will end by 2030, renewable energy share will be more than 50%, claims RBI

The dominance of fossil fuels in power generation in India will end by the end of the decade. The Reserve Bank of India has made this claim in its latest report. The report said that the share of renewable energy in power generation globally is expected to cross 50 percent. According to the report, the energy transition has accelerated in recent years. Apart from this, the pace of deployment of clean technology and capital investment has reached record levels.

The RBI said, "The era of dominance of fossil fuels is coming to an end, and the share of renewable energy in power generation globally is expected to cross 50 percent by the end of this decade." According to the report, an increase in clean energy generation will help sectors such as steelmaking and aviation, where low-carbon options are still in their early stages. The central bank also highlighted the importance of increasing investment in low-carbon energy.

The RBI said, "Clean power generation can boost the aggressive carbon emission reductions that are urgently needed. This will provide more time to tackle sectors such as steelmaking and aviation, where carbon emission reductions are currently a challenge."