Speaking at FICCI’s 3rd India Energy Transition Summit, Union Minister for New & Renewable Energy Pralhad Joshi reaffirmed India’s commitment to its ambitious renewable energy targets. The Summit was held on January 28 in New Delhi.
The Union Minister said, “the government aims to achieve 500 GW of renewable energy capacity by 2030, with a long-term vision of 1800 GW by 2047. India’s flagship solar initiative, PM-Surya Ghar, has already surpassed 850,000 rooftop installations, marking significant progress toward the goal of powering 10 million households with solar energy. This initiative, along with ongoing policy support and financial backing, positions India as a global leader in the clean energy transition.”
He highlighted India’s ambitious renewable energy goals under the leadership of Prime Minister Narendra Modi. Addressing key stakeholders, he emphasized the country’s commitment to achieving 500 GW of renewable energy capacity by 2030, with a long-term vision of 1,800 GW by 2047. India’s renewable energy capacity has surged from 75 GW in 2014 to over 220 GW today, showcasing significant progress in the sector.
The Minister also stressed on the importance of energy security, finance, and policy stability in driving this transformation, including the successful implementation of green hydrogen initiatives. He also underscored the importance of state governments, bankers, and other stakeholders in supporting this transition. The Minister assured that the government is actively addressing issues such as financing, policy implementation, and land acquisition, with regular consultations and meetings held with all relevant stakeholders.
“India is on track to become a global leader in renewable energy, with continuous efforts being made to accelerate the country’s energy transition,” the minister added. The Minister reaffirmed the government’s dedication to achieving these ambitious targets, ensuring energy security, and contributing to global decarbonization efforts.”
M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighted the financial roadmap, stating: “Mobilizing ₹33 lakh crore for India’s energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital. While ₹10 lakh crore will be sourced from public sector banks, the remaining ₹23 lakh crore must come through innovative financing instruments, including green bonds and structured debt solutions.”
Echoing the industry’s commitment, Shivanand Nimbargi, Chair, FICCI Renewable Energy CEOs Committee and MD & CEO, Ayana Power, added: “We are looking at an ambitious target of 500 GW by 2030, and working towards accelerating our journey to net zero. From an industry perspective, we assure the government of our full support in achieving these targets. With timely solutions to sectoral challenges, we can successfully drive India’s energy transition towards a sustainable future.”
Vipul Tuli, Chair, FICCI Power Committee and Chairman, South Asia & CEO, Hydrogen Business, Sembcorp Industries, underscored the importance of energy transition for India’s economic growth. “Energy Transition is now a core issue for India’s economic competitiveness, energy security, and investment opportunities. With over 50 GW of module assembly and backward integration happening, we look forward to more manufacturing and technology innovation from IPPs,” he said.
The summit also saw the launch of FICCI’s report, ‘POWERING INDIA’S ENERGY TRANSITION: Strategies to Accelerate Renewable Integration and Decarbonization.’
Presenting the report,Vishal Mehta, Managing Director & Partner, BCG, said, “Wind projects are becoming our most crucial asset class as India’s demand profile shifts towards evening and night slots. Our analysis shows that to achieve our 50 GW annual RE target, we require about ₹1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity annually.” The report provides strategic recommendations to overcome execution challenges in the RE sector, drive decarbonization, and attract both domestic and foreign capital.
