At FICCI’s 3rd India Energy Transition Summit in New Delhi, Union Minister for New & Renewable Energy, Pralhad Joshi, reaffirmed India’s commitment to its ambitious renewable energy goals.
The Union Minister said, “the government aims to achieve 500 GW of renewable energy capacity by 2030, with a long-term vision of 1800 GW by 2047. India’s flagship solar initiative, PM-Surya Ghar, has already surpassed 850,000 rooftop installations, marking significant progress toward the goal of powering 10 million households with solar energy. This initiative, along with ongoing policy support and financial backing, positions India as a global leader in the clean energy transition.”
He underscored India’s ambitious renewable energy targets under Prime Minister Narendra Modi’s leadership. Speaking to key stakeholders, he reaffirmed the nation’s commitment to reaching 500 GW of renewable capacity by 2030 and 1,800 GW by 2047. With capacity soaring from 75 GW in 2014 to over 220 GW today, India continues to make significant strides in the sector.
“India is on track to become a global leader in renewable energy, with continuous efforts being made to accelerate the country’s energy transition,” the minister added. The Minister reaffirmed the government’s commitment to these ambitious targets, emphasizing energy security and global decarbonization efforts.
M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, outlined the financial roadmap, stating: “Mobilizing ₹33 lakh crore for India’s energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital. While ₹10 lakh crore will be sourced from public sector banks, the remaining ₹23 lakh crore must come through innovative financing instruments, including green bonds and structured debt solutions.”
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