Union Minister for New & Renewable Energy, Pralhad Joshi, on Monday emphasised the critical importance of mobilising finance to achieve India’s ambitious target of 500 GW of renewable energy by 2030.
Addressing the National Workshop on Mobilising Finance for Renewable Energy in Mumbai, Joshi called for concerted efforts from financial institutions and policymakers to ensure accessible funding for the renewable energy (RE) sector.
Joshi highlighted the role of decentralisation, with initiatives like PM-KUSUM and PM Surya Ghar empowering farmers to become “Urjadata” (energy providers) and reducing transmission losses.
He urged banks to simplify financing, particularly for rooftop solar projects, and called for a Renewable Energy Financing Obligation, akin to Renewable Purchase Obligations (RPOs) for discoms, to secure dedicated funding for RE projects.
The Minister pointed out India’s leadership in green hydrogen, noting the country’s successful export orders and its competitive edge over developed nations.
He also cited the recent global renewable energy summit in Gandhinagar, where India secured commitments worth Rs.34.5 lakh crore, showcasing its strong position as a clean energy investment destination.
Stressing that the transition to renewable energy is non-negotiable, Joshi called for a national movement in renewable energy financing and urged financial institutions to streamline lending processes and reduce compliance burdens.
Minister of State for Power and New & Renewable Energy, Shripad Naik, stated that achieving the target of 500 GW of renewable energy by 2030 will require an estimated investment of Rs.30 lakh crore covering infrastructure development, transmission networks, and energy storage systems.
He encouraged stakeholders to embrace innovative financing models, offer flexible lending terms, and prioritises green investments to expedite the nation’s transition to renewable energy.