The 54th Annual Meeting of the World Economic Forum (WEF), held from January 15th to 19th, 2024, bestowed its grand stage upon the picturesque Davos-Klosters in Switzerland. India, with its resplendent growth story, digital public infrastructure landscape, burgeoning startup ecosystem, and expanding energy sector, commanded a significant presence at this prestigious event. India's impact reverberated throughout the summit, with the country proudly showcasing its accomplishments through three exclusive lounges: the India Engagement Centre, the Experience India Centre, and the India Investment Centre.
The 54th Annual Meeting of the World Economic Forum (WEF), held from January 15th to 19th, 2024, bestowed its grand stage upon the picturesque Davos-Klosters in Switzerland. India, with its resplendent growth story, digital public infrastructure landscape, burgeoning startup ecosystem, and expanding energy sector, commanded a significant presence at this prestigious event. India's impact reverberated throughout the summit, with the country proudly showcasing its accomplishments through three exclusive lounges: the India Engagement Centre, the Experience India Centre, and the India Investment Centre.
India's solar panel and electrification industry is on the cusp of remarkable growth in the upcoming years. As of 2020, solar power only accounted for less than 4% of India's electricity generation, while coal held a significant share of close to 70%. However, by 2040, these figures are projected to converge around the low 30%s, indicating a momentous shift towards solar power. This transformation is primarily driven by India's ambitious policy objectives, particularly the goal of achieving 450 GW of renewable capacity by 2030. Additionally, the extraordinary cost competitiveness of solar power is expected to outperform existing coal-fired power by 2030, even in conjunction with battery storage. At the 26th Conference of the Parties (COP 26) to the UN Framework Convention on Climate Change, the Prime Minister further announced a revised target of 500 GW of non-fossil capacity by 2030.