Renewable Energy Growth Hinges on Finance Mobilization, Says Union Minister

Union Minister for New & Renewable Energy, Shri Pralhad Joshi, emphasized the crucial role of finance in achieving India’s ambitious target of 500 GW renewable energy capacity by 2030. Addressing the National Workshop on Mobilizing Finance for Renewable Energy, organized by the Ministry of New & Renewable Energy (MNRE) in Mumbai, he called for collective efforts from financial institutions and policymakers to ensure accessible funding for the renewable energy sector.

The workshop was convened following a review meeting chaired by Prime Minister Narendra Modi, focusing on accelerating key initiatives like PM Surya Ghar and PM-KUSUM. Highlighting India’s growing energy needs, Joshi stressed that renewable energy must expand in tandem with thermal energy to secure a stable and resilient power supply. He also underscored India’s commitment to achieving Net Zero by 2070 and reaching 500 GW non-fossil fuel capacity by 2030.

The Minister called for a Renewable Energy Financing Obligation to ensure dedicated funding for green projects, akin to Renewable Purchase Obligations for power distribution companies. He urged banks to streamline lending for rooftop solar projects and emphasized India’s leadership in green hydrogen, noting significant export interest and investments in the sector.

Union Minister of State, Shri Shripad Naik, highlighted the need for ₹30 lakh crore investment to achieve the 500 GW target, advocating for innovative financing models. The workshop featured discussions on financial challenges, emerging technologies like offshore wind and floating solar, and regulatory measures to facilitate large-scale investments.

With participation from leading banks and financial institutions, the event reinforced the necessity of collaborative efforts to mobilize green finance, ensuring a sustainable and financially inclusive energy transition for India.