India needs $12.7 to reach net zero emissions by 2050

India’s ambitious path towards a net zero economy by 2050 presents an investment opportunity that amounts to at least $12.7 trillion, BloombergNEF reported on Thursday evening.

This goal will require moving quickly to clean-up the country’s vast and coal-dependent electricity sector, the report added. That means grid investments to handle renewable energy sources and a substantial increase in funding for green energy initiatives.

Achieving the 2050 spending target aligned with global climate goals requires $438 billion annually, a substantial increase from the previous year’s $17 billion investment.

India aims to reduce the emissions intensity of its GDP by 45 percent from 2005 levels by 2030, and to have half of its power generation capacity run on clean sources — solar, wind, nuclear and hydropower — by the end of this decade.