Mumbai (Maharashtra) [India], February 24 : Union Minister for New and Renewable Energy Pralhad Joshi on Monday said mobilising finance is the key to achieving India's target of 500 GW renewable energy by 2030.
According to a release by the Ministry of New and Renewable Energy, he addressed today's National Workshop on Mobilizing Finance for Renewable Energy, which was organised by the Union Ministry of New and Renewable Energy in Mumbai.
The release added that Union Minister Joshi also called for collective efforts from financial institutions and policymakers to ensure accessible funding for the Renewable Energy (RE) sector.
The Minister, along with the Minister of State (MNRE), Shripad Naik, also addressed a Press Conference held in conjunction with the Workshop.
The Minister stated that the idea for the workshop emerged after a review meeting chaired by Prime Minister Narendra Modi, where discussions focused on accelerating flagship schemes like PM Surya Ghar and PM-KUSUM.
Highlighting the scale of India's energy needs, Joshi said that as the country aims to become the third-largest economy, its energy demand is expected to double.
He stressed that renewable energy must be scaled up to match thermal energy production, ensuring a reliable and resilient power supply.
The Minister also spoke about India's commitment to achieving Net Zero by 2070 and reaching 500 GW of non-fossil fuel-based capacity by 2030.
He called upon financial institutions to align their lending policies with India's renewable energy growth strategy and emphasized that carbon-intensive industries will face reduced export opportunities in the future.
Joshi noted that India has already made significant progress in renewable energy, with capacity increasing to 222 GW today. He pointed out that solar tariffs have drastically reduced, with a recent bid in Madhya Pradesh touching Rs 2.15 per unit, compared to Rs 11 per unit earlier.
However, he stressed the importance of battery storage solutions to support large-scale renewable deployment.
Speaking on the role of decentralization, the Minister highlighted that PM-KUSUM and PM Surya Ghar empower farmers to become "Urjadata" (energy providers), while also reducing transmission losses.
He urged banks to simplify financing processes, particularly for rooftop solar projects and called for the introduction of a Renewable Energy Financing Obligation to ensure dedicated funding for the sector, similar to Renewable Purchase Obligations (RPOs) for discoms.
Joshi underscored India's leadership in green hydrogen (GH2), stating that the country has already received major export orders and is ahead of several developed nations in this field.
He noted that global investors are increasingly looking at India as a preferred destination for manufacturing and clean energy investments, recognizing its young workforce and strong industrial capacity.
The Minister also highlighted Prime Minister Modi's directive to engage global financial institutions for renewable energy investments, citing India's recent success in securing commitments worth Rs 34.5 lakh crore during a global RE summit in Gandhinagar. He emphasized that the transition to renewable energy is not optional--it is a necessity.
Concluding his address, Pralhad Joshi called for a national movement in renewable energy financing, stating that PM Surya Ghar is not just a scheme but an Andolan (movement).
He urged financial institutions to streamline lending processes, reduce unnecessary compliance burdens, and adopt a more supportive approach towards financing clean energy projects.