In the race to fully energize India, renewables are beating coal.
That is one of the most surprising findings in the new report Financing India’s Clean Energy Transition, which was researched and written by Bloomberg New Energy Finance with support from the David and Lucile Packard Foundation. According to the report, released earlier this month, renewable capacity (not including large hydro) is being added at a quicker clip in India than that of its dirty competitor. In fact, renewables have posted a cumulative compound annual growth rate of 15 percent, compared to 12.5 percent for coal power plants between fiscal years 2013 and 2016.
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