India could make a major contribution to the world’s pursuit of an immediate and deep emissions reduction, the Institute for Energy Economics and Financial Analysis (IEEFA) said.

“With rampant imported fossil fuel inflation, energy security is a key national priority,” Shantanu Srivastava, energy finance analyst at IEEFA, said.

“India is tackling climate change through ambitious domestic clean energy targets and bold policies and reforms to support them.”

According to the IEEFA, domestic and international power sector players are rapidly scaling up their renewable infrastructure capacities in India and are preparing for the next wave of sectoral reforms.

On top of this, the Indian government will be going to launch “big bang” policies and reforms to speed up the clean energy transition in the country.

This includes policies covering green hydrogen and green ammonia, and production-linked incentive schemes in solar module and battery manufacturing amongst others.

“The coming decade will be among the most transformational periods for global energy markets,” Srivastava said.

“New leaders will emerge, and current corporate giants stand to become obsolete if they do not engage in the transition to the new energy economy.”