Ministry of New and Renewable Energy recently organised the National Workshop on ‘Mobilizing Finance for Renewable Energy’ in Mumbai. Addressing a press conference, Union Minister for New & Renewable Energy Pralhad Joshi highlighted that mobilising finance is key to achieving 500 GW renewable energy by 2030.
The Minister said that as India 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.
Joshi 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. The country has already made significant progress in renewable energy, with capacity increasing to 222 GW today and solar tariffs have drastically reduced, with a recent bid in Madhya Pradesh touching INR 2.15 per unit, compared to INR 11 per unit earlier. However, he stressed the importance of battery storage solutions to support large-scale renewable deployment.
Speaking on the role of decentralization, the Minister highlighted that PM-KUSUM and PM Surya Ghar empower farmers to become ‘Urjadata’ (energy providers), while also reducing transmission losses. He urged banks to simplify financing processes, particularly for rooftop solar projects, and called for the introduction of a Renewable Energy Financing Obligation to ensure dedicated funding for the sector, similar to Renewable Purchase Obligations (RPOs) for discoms.
Joshi underscored India’s leadership in green hydrogen (GH2), stating that the country has already received major export orders and is ahead of several developed nations in this field. He noted that global investors are increasingly looking at India as a preferred destination for manufacturing and clean energy investments, recognizing its young workforce and strong industrial capacity.
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 INR 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, he called for a national movement in renewable energy financing, stating that PM Surya Ghar is not just a scheme but a movement.