India is set to accelerate its clean energy transition, reaffirming its ambitious target of achieving 500 GW of renewable energy capacity by 2030 and a long-term vision of 1,800 GW by 2047, according to Shri Pralhad Joshi, Minister for New & Renewable Energy. Speaking at FICCI’s 3rd India Energy Transition Summit, the minister emphasized India’s progress in the sector, with renewable capacity surging from 75 GW in 2014 to over 220 GW today.
India’s Clean Energy Push Gains Momentum
Highlighting the country’s strides in solar energy, PM-Surya Ghar, India’s flagship rooftop solar initiative, has surpassed 850,000 installations, moving closer to its goal of powering 10 million households with solar energy. The government’s continued policy support and financial backing are positioning India as a global leader in renewable energy.
The minister also underscored the importance of energy security, financial investments, and stable policies in driving this transformation. He noted the government’s ongoing engagement with state governments, financial institutions, and industry leaders to address financing, policy implementation, and land acquisition challenges.
Financing India’s Energy Transition
Addressing the financial roadmap for India’s energy transition, Sh. M. Nagaraju, Secretary, Department of Financial Services, stated that ₹33 lakh crore would be required to meet the country’s clean energy targets. While ₹10 lakh crore will come from public sector banks, the remaining ₹23 lakh crore will be raised through innovative financing mechanisms, including green bonds and structured debt solutions.
Industry Backs India’s Renewable Goals
Industry leaders at the summit pledged support for India’s clean energy transition. Sh. Shivanand Nimbargi, Chair, FICCI Renewable Energy CEOs Committee and MD & CEO, Ayana Power, reiterated the industry’s commitment to the 500 GW target by 2030, emphasizing the need for timely solutions to sectoral challenges.
Sh. Vipul Tuli, Chair, FICCI Power Committee and CEO, Hydrogen Business, Sembcorp Industries, highlighted the economic and energy security benefits of the transition. He pointed to the 50 GW of module assembly and backward integration projects currently underway as key drivers for domestic manufacturing and technology innovation.
Strategic Roadmap for India’s Energy Transition
The summit also saw the launch of FICCI’s report, ‘Powering India’s Energy Transition: Strategies to Accelerate Renewable Integration and Decarbonization’. Presenting key findings, Sh. Vishal Mehta, Managing Director & Partner, BCG, noted that wind energy is becoming a crucial asset class as demand shifts toward evening and nighttime consumption. The report estimates that to achieve India’s 50 GW annual renewable energy target, the sector will require ₹1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity annually.
Summit Paves the Way for India’s Clean Energy Future
The two-day FICCI summit served as a strategic platform for accelerating India’s renewable energy transition, bringing together government officials, industry leaders, financial institutions, and technology innovators. Discussions focused on key areas such as renewable energy expansion, energy storage, green hydrogen, and financing mechanisms.
With a strong emphasis on public-private partnerships, investment mobilization, and policy innovation, the 3rd India Energy Transition Summit marked a key milestone in India’s clean energy journey, reinforcing its global leadership in the renewable energy sector.
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