Renewable Energy Minister Pralhad Joshi announced plans to hold a meeting with bank leaders and industry heads in January to discuss increasing financing for renewable energy projects. Speaking at the International Energy Conference organized by the Confederation of Indian Industries (CII), Joshi emphasized the need for enhanced financial support to achieve India’s renewable energy goals.
Joshi highlighted the importance of the meeting, set to take place in Mumbai, where he plans to engage with the chairmen and managing directors of all major banks. This initiative follows a statement by Renewable Energy Secretary Prashant Kumar Singh, who stressed the necessity for banks to adopt a green energy financing obligation, as they currently fund only a small portion of renewable energy projects, with non-banking financial companies covering the majority.
The meeting aims to align with India’s goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030, requiring an estimated investment of ₹30 lakh crore. Joshi noted that India’s ambition and rising green capacity make it one of the top global markets for renewable energy investments.
From April to November, India added nearly 15 GW of renewable energy capacity, almost doubling the 7.54 GW added during the same period last year. Over the past three financial years, the country has attracted $6.1 billion in foreign direct investment (FDI) into the renewable energy sector.
These efforts underscore India’s commitment to expanding its renewable energy infrastructure and positioning itself as a global green energy market leader.
