Recently, when addressing the National Workshop on Mobilizing Finance for Renewable Energy, organised by Union Ministry of New and Renewable Energy (MNRE) in Mumbai, the Union Minister for New & Renewable Energy Pralhad Joshi, said 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 `2.15 per unit, compared to `11 per unit earlier. However, he stressed the importance of battery storage solutions to support large-scale renewable deployment. 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 `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, Joshi called for a national movement in renewable energy financing, stating that PM Surya Ghar is not just a scheme but an Andolan (movement).
