NEW DELHI: A new research suggests that India needs to grow financial hold up for renewable energy to reach its targets for 'Aatmanirbhar Bharat' and clean energy transition as part of the economic recovery from COVID-19.

A study titled Mapping India's Energy Subsidies 2021 - Time for renewed support to clean energy, released on Thursday by the International Institute for Sustainable Development (IISD) and the Council on Energy, Environment and Water (CEEW), finds that subsidies to renewable energy fell by 45 percent from the fiscal year (FY) 2017 peak of Rs 15,470 crore to Rs 8,577 crore in FY 2020.

According to experts at IISD and CEEW, new funding for clean energy is significant to progress the transition that is already underway in India. Researchers point to positive trends such as the increasing subsidies for electric vehicles, which jumped 135 percent from FY 2019, reaching Rs 1,141 crore in FY 2020 due to growing public demand for electric mobility. But they also note that the full benefits of electric transport can only be achieved if there is a green electricity mix.

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