Synopsis
PM-Surya Ghar, India's leading solar initiative, has achieved over 850,000 rooftop installations, making significant headway towards powering 10 million households with solar energy. Minister Pralhad Joshi outlines ambitious targets of 500 GW by 2030 and 1,800 GW by 2047, positioning India as a global renewable energy leader.Key Takeaways
- 8.5 lakh rooftop installations achieved
- Target of 500 GW renewable energy by 2030
- Long-term goal of 1,800 GW by 2047
- Significant growth from 75 GW in 2014 to over 220 GW
- Green hydrogen initiatives implemented successfully
New Delhi, Jan 31 (NationPress) PM-Surya Ghar, India’s premier solar program, has surpassed 850,000 rooftop installations, representing a remarkable stride towards the objective of supplying solar energy to 10 million households, as stated by Minister of New and Renewable Energy, Pralhad Joshi.
“The government has set a target of achieving 500 GW of renewable energy capacity by 2030, with a long-range vision of 1,800 GW by 2047. This ambitious goal is expected to establish India as a global frontrunner in renewable energy while fulfilling its energy requirements and aiding in global decarbonization initiatives,” Joshi mentioned during his remarks at the third India Energy Transition Summit organized by FICCI.
The minister highlighted that India’s renewable energy capacity has escalated from 75 GW in 2014 to over 220 GW, demonstrating impressive growth in the sector.
“This initiative, coupled with ongoing policy support and financial assistance, solidifies India’s position as a global leader in the clean energy transition,” Joshi noted, emphasizing the government's commitment to fast-tracking the energy transition, underscoring the necessity for energy security, stable financing, and robust policies for sustained progress.
He also pointed out the successful rollout of green hydrogen initiatives and stressed the collaborative work among state governments, financial institutions, and stakeholders to tackle challenges such as land acquisition and policy execution.
The minister reiterated the significance of energy security, finance, and policy consistency in propelling this transformation, including the successful execution of green hydrogen projects.
He affirmed the critical role of state governments, bankers, and other stakeholders in facilitating this transition.
The minister assured that the government is actively working on resolving issues related to financing, policy execution, and land acquisition, with ongoing consultations and meetings with all pertinent stakeholders.
“India is progressing towards becoming a global leader in renewable energy, with relentless efforts in place to enhance the country’s energy transition,” he added.
M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, emphasized the financial strategy, stating: "Mobilizing ₹33 lakh crore for India's energy transition poses a substantial challenge, necessitating a multi-faceted approach involving public sector banks, global financing institutions, and private investment.”
“Of this, ₹10 lakh crore will be raised from public sector banks, while the remaining ₹23 lakh crore must come through innovative financing mechanisms, including green bonds and structured debt solutions,” he concluded.
