Some of the key highlights of this report prepared by EY Parthenon are:
India’s energy transition investment trends showed a significant shift from renewables to e-mobility, with e-mobility investments rising from 6% in 2017 to 49% in 2024, energy storage investments rising from 1% to 9%, while energy efficiency investments fluctuated around 4%. Emerging technologies like the circular economy and low carbon fuels also received attention, though CCUS investments remain in early stages due to high costs.
Investment trends over the period highlight dominance of product/equipment investments, peaking at $4.2 billion in 2024, primarily in solar, wind, and energy storage followed by developer investments which declined from 30% in 2017 to 15% in 2024, while services sector has grown, reaching $2.6 billion in 2023. Software investments and financing deals witnessed sluggish growth from 4% to 6% and 2% to 5% respectively in line with the needs to meet the climate goals.
Green energy investments highlighted consumer-driven investments across value chain which rose from 18% in 2017 to 45% in 2024, particularly in electric vehicles and green technologies while energy generation and production attracted the highest investments, peaking at $9.1 billion in 2023, while energy transportation/storage investments grew significantly, reflecting a robust demand for sustainable solutions despite a moderation in total deal values in 2024.
Green energy investments in India grew at ~4% CAGR (2017–2024), expanding from renewables into e-mobility, low-carbon fuels, and circularity. Emerging technologies like green hydrogen and CCUS are now attracting interest as key drivers of India’s net-zero ambitions.
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