Blitz Bureau
PM-Surya Ghar, India’s flagship solar energy initiative, has surpassed 8.5 lakh rooftop installations, marking significant progress toward the goal of powering 10 million households with solar energy. according to.
Addressing the third India Energy Transition Summit, Union Minister for New and Renewable Energy Pralhad Joshisaid, “The Government aims to achieve 500 GW of renewable energy capacity by 2030, with a long-term vision of 1,800 GW by 2047. This target would position India as a global leader in renewable energy while meeting its energy needs and contributing to global decarbonisation efforts.”
He highlighted the notable growth in the sector, with India’s renewable energy capacity rising from 75 GW in 2014 to over 220 GW. “This initiative, combined with ongoing policy support and financial backing, positions India as a leader in the clean energy transition,” Joshi said. He emphasised the importance of energy security, stable financing, and robust policies for continued progress.
He also noted India’s strides in green hydrogen development and underscored the role of state governments, financial institutions, and stakeholders in overcoming challenges like land acquisition and policy execution. M Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, outlined the financial roadmap for India’s energy transition.
“Mobilising Rs 33 lakh crore for India’s energy goals is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financial institutions, and private capital,” he said. He added that while Rs 10 lakh crore would come from public sector banks, the remaining Rs 23 lakh crore would need to be raised through innovative financing instruments such as green bonds and structured debt solutions.
