India on Track to Surpass 500GW Renewable Energy Target by 2030, Affirms Additional Secretary Shri Sudeep Jain

At the Curtain Raiser of the PHDCCI conference on Green Energy Financing & Sustainability, held in New Delhi, Shri Sudeep Jain, IAS, Additional Secretary at the Ministry of New and Renewable Energy, expressed optimism about India achieving its ambitious target of 500GW of renewable energy by 2030. The event witnessed discussions among industry, government, and academic representatives on the critical aspects of financing and sustainability in the green energy sector. Jain highlighted the importance of energy conservation and introduced the PM Surya Ghar program, emphasizing the need for effective financing mechanisms to support sustainable initiatives.

The conference, supported by U GRO Capital, NEXGEN Financial Solutions Pvt. Ltd., and other PHDCCI annual sponsors, underscored the pressing challenge of climate change, particularly in light of 2023 being the hottest year on record. Jain called for collective action to address this global issue urgently.

Speakers at the event, including Mr. Shachindra Nath, Chair of the BFSI Committee at PHDCCI, and Mr. Sanjeev Gupta, Co-Chair, discussed the gap between capital providers and consumers, advocating for sustained dialogue and collaborative efforts to bridge this divide. They also pointed out ongoing challenges such as land acquisition, evacuation, and storage.

The event further highlighted the role of development financial institutions, with Dr. R K Singh from SIDBI discussing initiatives like Udhyam Sangyan aimed at enhancing the capabilities of MSMEs. The involvement of the World Bank, as mentioned by Ms. Surbhi Goyal, was noted as crucial for taking first-mover risks in transitioning to renewable energy.

The conference set the stage for comprehensive dialogue and collaboration towards fulfilling India’s renewable energy objectives, marking an important step towards sustainability and green financing.