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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: The Reserve Bank of India (RBI) predicts that fossil fuel dominance in India's power sector will end by 2030, driven by a surge in renewable energy investments
• The RBI's latest report emphasizes that clean energy is crucial for India and the world to meet net zero targets
🔭 The context: India's economy is still heavily reliant on coal and oil, but the government is pushing to achieve 500GW of renewable capacity by 2030
• Current renewable energy capacity stands at 135GW, far below the target
🌍 Why it matters for the planet: Transitioning away from fossil fuels is essential for reducing global emissions and addressing sectors like steel and aviation, which are harder to decarbonize
⏭️ What's next: India needs an estimated $0.4 trillion in green investments by 2030 to meet its renewable goals, with the private sector playing a key role in financing
💬 One quote: "For every $1 that goes to fossil fuels, an average of $3 needs to be invested in low carbon energy over the remainder of the decade." — Reserve Bank of India report
📈 One stat: India imports 88% of its crude oil needs, highlighting its heavy dependence on fossil fuels.
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