Mobilising Finance for India's Renewable Energy Ambitions
Key Ideas
- Union Minister Pralhad Joshi highlighted the need for Rs 32 lakh crore to achieve India's target of 500 GW of renewable energy by 2030.
- Discussions at the workshop emphasized better regulatory frameworks, risk-sharing mechanisms, and financial instruments for renewable energy projects.
- India aims to become the third-largest economy with renewable energy scaled up to match thermal energy production for a reliable power supply.
- The workshop identified strategies to scale up financing, including involvement of public sector lenders, credit enhancement mechanisms, and international funding.
In Mumbai, Union Minister Pralhad Joshi stressed the importance of mobilizing finance to achieve India's ambitious target of 500 GW of renewable energy production by 2030. With an estimated requirement of Rs 32 lakh crore, Joshi called for a national movement to boost funding in the clean energy sector. The workshop, organized by the Ministry of New and Renewable Energy, focused on financing landscapes, challenges, and regulatory measures for renewable energy projects. Stakeholders highlighted the need for collaborative efforts among policymakers, financial institutions, and industry leaders to unlock capital for India's renewable energy goals. Joshi also emphasized the necessity of aligning lending policies with India's renewable energy growth strategy and noted the country's commitment to achieving net zero carbon emissions by 2070. The workshop identified strategies to scale up financing, including involvement of public sector lenders, credit enhancement mechanisms, and international funding. Overall, the discussions portrayed a positive sentiment towards renewable energy investments and highlighted India's increasing attractiveness for clean energy initiatives, like green hydrogen, and manufacturing investments.