Government and industry leaders outline financial strategies, policy support, and green energy innovations to accelerate India’s clean energy transition.
At FICCI’s 3rd India Energy Transition Summit, Hon’ble Minister for New & Renewable Energy, Shri Pralhad Joshi, reaffirmed India’s dedication to achieving 500 GW of renewable energy capacity by 2030 and a long-term vision of 1,800 GW by 2047. Highlighting India’s rapid progress in clean energy, the Minister emphasized the success of the PM-Surya Ghar initiative, which has already surpassed 850,000 rooftop solar installations, marking a significant step toward powering 10 million households with solar energy.
India’s Renewable Energy Progress and Policy Support
Under the leadership of Prime Minister Shri Narendra Modi, India has seen an exponential rise in renewable energy capacity, surging from 75 GW in 2014 to over 220 GW in 2024. The government continues to prioritize energy security, financial backing, and policy stability, ensuring a smooth transition to green energy. Shri Joshi stressed the critical role of state governments, banking institutions, and industry leaders in achieving these ambitious targets.
The Minister also highlighted India’s green hydrogen initiatives, positioning the country as a global leader in clean energy innovation. The government remains committed to addressing challenges such as financing, policy implementation, and land acquisition, with regular stakeholder consultations to drive progress.
Financial Roadmap for Energy Transition
Speaking at the summit, Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, outlined the financial strategy needed to mobilize ₹33 lakh crore for India’s energy transition. Of this, ₹10 lakh crore will come from public sector banks, while ₹23 lakh crore will be raised through global financing institutions, green bonds, and structured debt solutions.
Industry Commitment and Renewable Energy Growth
Industry leaders echoed their commitment to India’s clean energy targets:
- Shri Shivanand Nimbargi, Chair, FICCI Renewable Energy CEOs Committee and MD & CEO of Ayana Power, assured full industry support in achieving the 500 GW by 2030 goal, emphasizing the need for timely solutions to sectoral challenges.
- Shri Vipul Tuli, Chair, FICCI Power Committee and CEO, Hydrogen Business, Sembcorp Industries, emphasized that energy transition is central to India’s economic competitiveness, energy security, and investment growth. With 50 GW of module assembly and backward integration underway, he called for further advancements in manufacturing and technology.
FICCI’s Report on India’s Energy Future
The summit also witnessed the launch of FICCI’s report, ‘POWERING INDIA’S ENERGY TRANSITION: Strategies to Accelerate Renewable Integration and Decarbonization.’ Presenting the report, Shri Vishal Mehta, Managing Director & Partner, BCG, highlighted the importance of wind energy and the financial investment required to meet India’s 50 GW annual renewable energy target. The report estimates the need for ₹1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity annually.
India’s Global Leadership in Renewable Energy
The two-day summit, organized by FICCI, served as a key platform for discussions on renewable energy expansion, energy storage, green hydrogen, and financing mechanisms. With a strong focus on accelerating clean energy adoption, fostering public-private partnerships, and mobilizing investments, the event reinforced India’s position as a global leader in renewable energy.
India’s clean energy transition is on a fast track, driven by government policy, industry collaboration, and financial innovation. With an ambitious 500 GW renewable energy goal by 2030, the country is poised to lead the global shift towards a sustainable future.