Union Minister for New & Renewable Energy Shri Pralhad Joshi emphasised that mobilising finance is crucial to achieving India’s target of 500 GW renewable energy capacity by 2030. Speaking at the National Workshop on Mobilising Finance for Renewable Energy in Mumbai, Joshi called for collaborative efforts from financial institutions and policymakers to ensure accessible funding for the renewable energy (RE) sector. Minister of State for New & Renewable Energy Shri Shripad Naik also addressed the press conference held alongside the workshop. 

Joshi highlighted that the workshop stemmed from a review meeting chaired by Prime Minister Narendra Modi, focused on accelerating flagship schemes like PM Surya Ghar and PM-KUSUM. With India poised to become the world’s third-largest economy, its energy demand is set to double, making the scaling of renewable energy vital for a reliable power supply. He reaffirmed India’s commitment to achieving 500 GW of non-fossil fuel capacity by 2030 and reaching net-zero emissions by 2070. 

Joshi urged financial institutions to align their lending policies with India’s renewable growth strategy, stressing the need for battery storage solutions and decentralised energy initiatives like PM-KUSUM and PM Surya Ghar. He proposed introducing a Renewable Energy Financing Obligation, similar to Renewable Purchase Obligations, to ensure dedicated funding for the sector. 

India’s leadership in green hydrogen was also highlighted, with the country securing major export orders and attracting global investment in clean energy projects. Joshi noted India’s recent success in securing commitments worth Rs 34.5 trillion during a global RE summit in Gandhinagar and called for simplifying financing processes for rooftop solar projects and reducing compliance burdens. 

Shri Shripad Naik estimated the investment needed to achieve the 500 GW target at approximately Rs 30 trillion, covering infrastructure, transmission, and storage. He urged stakeholders to adopt innovative financing models and prioritise green investments. 

The workshop featured discussions on financing challenges for utility-scale and emerging RE technologies like offshore wind, floating solar, and green hydrogen. It also addressed financing issues for distributed renewable energy projects and the need for regulatory support and capacity-building measures for financial institutions. 

Key takeaways included the need for lower-cost financing, better access to global climate funds, and risk-sharing mechanisms for new technologies. The event concluded with a commitment to innovative financing models and policy frameworks to unlock large-scale investments and support India’s clean energy transition. Senior officials from major public and private sector banks, including SBI, HDFC Bank, and ICICI Bank, participated in the workshop, marking a step toward bridging the financial gap for India’s renewable energy ambitions. 

(PIB)