European Union Ambassador to India Jean-Eric Paquet said India could save another $100 billion in fossil fuel import costs over the next five years.
Renewable capacity changed the import-dependence comparison
At Bharat RE Summit & Expo 2026, the ambassador said India’s renewable energy expansion had saved an estimated $100 billion in fossil fuel import costs over the past decade. He also said renewable investments had helped the country avoid substantial fossil fuel expenditure during that same period. His remarks linked the claimed savings to the expansion of renewable energy and the investment behind it.¹
The ambassador set out a counterfactual: without expansion of non-hydro renewable energy capacity since 2010, India’s dependence on fossil fuel imports would have been approximately 50 per cent higher than current levels. He put the additional import dependence in the order of 110 million tons of coal equivalent. Those figures describe a scenario without the capacity expansion, rather than a claim that the additional amount was actually imported.¹
The ambassador set out a counterfactual: without expansion of non-hydro renewable energy capacity since 2010, India’s dependence on fossil fuel imports would have been approximately 50 per cent higher than current levels.
The ambassador said the additional fossil fuel requirement avoided through renewable energy could double by 2030. He also said India’s share in wafer manufacturing could reach 40 per cent by then. One projection concerns avoided fuel requirements; the other concerns manufacturing share. Both are estimates about what could happen by the same year, rather than descriptions of completed outcomes.¹
Import savings sit alongside a large renewable investment plan
The ambassador put India’s renewable investment at $200 billion over the next five years. He said roughly half of that investment could be financed by the savings. His account connects the money avoided on fossil fuel imports with the funds available for renewable investment, treating savings as one source of financing for the planned spending.¹
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Read More →Paquet said India had emerged as the world’s second-largest producer of solar PV. He also pointed to significant capabilities in solar module manufacturing and expanding production capacity in cells and wafers. The distinction in his remarks is between the country’s existing position in solar PV and the production capacity he said was expanding across different parts of the solar manufacturing chain.¹
India already accounted for approximately 50 per cent of non-China solar module production, according to the ambassador. That measure concerns module production outside China. It is separate from his assessment of India’s wider solar manufacturing position and from his projection for wafer manufacturing, which he said could reach a 40 per cent share by 2030.¹
Industrial policy and manufacturing form part of the case
The ambassador attributed progress in solar manufacturing to a comprehensive industrial strategy. He named the production-linked incentive and the approved list of models and manufacturers as parts of that approach. His remarks tied India’s manufacturing progress to both measures, alongside the country’s existing solar module production and expanding capacity in cells and wafers.¹
Paquet argued that India’s expanding solar manufacturing capacity mattered beyond the country. “I insist this is not just important for India. This is important for the whole world,” he said. The statement framed the manufacturing build-out as having wider importance, while his other remarks described India’s position in solar PV, module production and wafer manufacturing.¹
“I insist this is not just important for India.
Solar Manufacturing Jobs Pay Off
If you are weighing a role in solar manufacturing, the ledger points to wafer and cell production as the growth area. India's share in wafer manufacturing could reach 40 per cent by 2030, while it already produces about half of non-China modules. That gap suggests wafer skills carry more scarcity and negotiating power than module assembly. Ask for training or project exposure in wafer fabrication when you interview, and target employers tied to the production-linked incentive scheme, which the ambassador credits for the sector's progress.¹
For investors and finance professionals, the $200 billion renewable plan creates a five-year window for capital deployment, with roughly half of it financed by import savings. That link means project finance roles tied to solar capacity expansion will see sustained demand, not a short-term spike. If you are choosing between energy sub-sectors, favor solar PV over other renewables, since India is already the world's second-largest producer and the manufacturing chain is expanding in cells and wafers.¹
Sources
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Read More →Written by Career Ahead AI. AI can make mistakes, so verify key facts. Report errors to support@careeraheadonline.com
