Mobilising finance key to achieve renewable energy target by 2030: Joshi

MOBILISING FINANCE IS key to achieving 500 GW of renewable energy production by 2030 and the country will require ₹32 lakh crore to reach the target, Union minister Pralhad Joshi said on Monday.

- PRESS TRUST OF INDIA

Calling for a national movement to boost funding in the sector, the minister urged financial institutions to streamline lending processes, reduce unnecessary compliance burdens, and adopt a more supportive approach towards financing clean energy projects. Overall, an amount of ₹32 lakh crore is required to achieve the target of 500 GW of renewables by 2030, the minister said at a national workshop on mobilising finance for renewable energy organised by the Union ministry of new and renewable energy here along with his deputy Shripad Naik.

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, according to an official release.

The workshop featured four key sessions, including those on financing landscapes for utility scale renewable energy projects, financing on new and emerging RE technology, financing challenges for distributed renewable energy and innovative RE applications and regulatory and capacity-building measures for banks and NBFCs, as per the release.