India’s green energy transition will cost USD 10 tn

India’s net-zero pledge for 2070 will require a USD 10 tn investment, the country’s secretary of power told Reuters, without disclosing the plans to mobilize the capital. The country is allocating USD 4.25 bn in 2023’s budget bolster the transition to renewables and low-carbon energy sources, meanwhile India’s top oil and gas producer Indian Oil Corporation (IOC) plans to invest over USD 25 bn to reach net-zero by 2046, as we noted in August. IOC is looking at using renewables to power its planned refining capacity expansion and is also setting up green hydrogen plants at some of its refineries.