Based on planning studies by India’s Central Electricity Authority (CEA), the Indian Ministry of Power has proposed adding at least 80 GW of coal-fired power capacity by 2031-2032. According to the National Electricity Plan, the estimated capital cost for this new coal-fired capacity is INR 83.4 million per megawatt (about USD 1 million per megawatt) at 2021-22 prices. This translates to a minimum investment of INR 6.67 trillion (USD 79.7 billion) for the additional 80 GW by 2031-2032.
India’s updated Nationally Determined Contributions (NDC) for 2022 reaffirm its goal to reduce CO2 emissions per unit of GDP by 45% by 2030 compared to 2005 levels and to achieve 50% of installed capacity from non-fossil energy sources. Additionally, the country has committed to reaching net-zero emissions by 2070. As of the end of 2023, coal still makes up 53% of India’s 500 GW electricity capacity.