"The implementation of the renewable energy targets set as a part of the Paris Agreement by countries like India and China has the potential to drastically shift global markets," Andrew Steer, president and CEO of World Resources Institute, said during a Congressional hearing.

The ambitious goals set by PM Narendra Modi on solar energy is driven by economic development of the country, Steer told members of Committee on House Science, Space and Technology during a hearing on Paris Summit on Climate Change.

"China invested twice as much in solar capacity in 2015 as the United States, and is on track to become a superpower of the low-carbon economy. Indian Prime Minister Narendra Modi increased India's solar power capacity goal for 2030 from 20 GW to 175 GW," Steer said.

For comparison, the US has only about 25 gigawatts of solar capacity, he told the lawmakers.

India's decision to increase its renewable electrical capacity to 40 percent of total installed electrical capacity by 2030, builds on PM Modi's earlier commitment to increase solar power to 100 gigawatts by 2022 - 30 times the current level and five times above the previous renewable energy target, he added.

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