India’s clean energy transition is accelerating. Non-fossil capacity reached 300.5 GW in July 2026, following a record 55.29 GW addition in FY2025-26, including 44.6 GW of solar. Ahead of COP31, scheduled for 9-20 November 2026 in Antalya, Türkiye, ASSOCHAM highlights the importance of climate investment, adaptation finance, technology cooperation and industrial competitiveness.
Mr. Nirmal K. Minda, President, ASSOCHAM, said, “India has demonstrated that a fast-growing economy can scale clean energy, achieving over half of its installed electricity capacity from non-fossil sources five years ahead of schedule. COP31 must now focus on implementation, with industry playing a central role.”
India’s climate ambitions present significant investment opportunities. “Achieving its 2030 climate goals requires an estimated USD 2.5 trillion, while battery storage requirements are projected to rise from 37 GWh by 2027 to 236 GWh by 2031-32. Strengthening grid infrastructure, storage and commercially viable clean power will be essential to translate installed capacity into reliable electricity”, added Mr. Minda.
ASSOCHAM is submitting its report, “From Pledges to Projects: India’s Agenda for COP31,” to the Hon’ble Prime Minister’s Office, NITI Aayog, relevant climate-action groups, outlining actionable recommendations to mobilise climate finance, accelerate industrial decarbonisation and translate India’s climate commitments into investment and implementation.
Mr. Saurabh Sanyal, Secretary General, ASSOCHAM, said, “Clean energy capacity must be connected to the grid, supported by storage and made commercially viable, not just installed. Industry and government must work together to turn climate commitments into projects.”
India’s 2035 climate targets include a 47% reduction in emissions intensity from 2005 levels and a 60% share of non-fossil sources in installed electricity capacity, creating opportunities for clean technology investment and industrial growth. Achieving these goals will require sustained investment, access to affordable technologies and closer collaboration between industry and government. Q
“Adaptation finance, private investment and trade competitiveness are central to India’s interests at COP31,” said Dr. S. P. Sharma, Chief Economist, ASSOCHAM, noting that iron and steel accounted for 78% of India’s Carbon Border Adjustment Mechanism covered EU exports in 2023, worth over €5 billion, highlighting the need for credible domestic carbon markets.
ASSOCHAM will advance industry engagement through an Industry Task Force, a Business Climate Investment Agenda, representations to ministries, and pre- and post-COP31 initiatives to help businesses identify investment opportunities and translate climate commitments into action. Advancing this agenda will support India’s clean energy transition and contribute to its vision of Viksit Bharat 2047.
