Banks, FIs to provide ₹32.45 lakh cr for renewable energy by 2030

Union Minister of New and Renewable Energy Pralhad Joshi on Monday said that banks and financial institutions have committed $386 billion (₹32.45 lakh crore) towards renewable energy projects by 2030. Joshi was speaking at the inauguration of the 4th Global (Renewable Energy) RE-Investor’s Meet in Gujarat, organised by MNRE and CII.

The three-day summit recognises key contributors to India's milestone of surpassing 200 GW of installed non-fossil fuel capacity.

Joshi also noted a 33-fold growth in India’s solar energy capacity since 2014, pointing to the PM Suryaghar Yojana scheme for rooftop solar. “India’s solar energy capacity has increased 33 times, with more than 3.5 lakh people benefiting from the PM Suryaghar Muft Bijli Yojana,” he states.

The MNRE minister informed that India aims to generate 500 gigawatts (GW) of renewable energy by 2030, with the solar industry pledging 570 GW in commitments, including 340 GW of solar module manufacturing and 240 GW of solar cell capacity by the end of the decade.

Additionally, wind developers have committed to 22 GW of manufacturing capacity, 10 GW in electrolysers.

Joshi highlighted that since 2014, India’s renewable energy capacity has increased by 175%, and renewable energy generation has risen by 86%. “Installed renewable energy (RE) capacity has increased from 75.5 GW in 2014 to 2,008 GW which means a growth of 175%. Total RE generation increased from 193.50 billion units to 360 billion units, a growth of 86%. India achieved most targets of the NDC (Nationally Determined Contribution) well in advance, including 40% of installed power capacity from non-fossil fuels-based energy sources in 2021, and reduced the emission intensity of India’s GDP by 33% in 2019,” says Joshi.

He emphasised that as the world's fastest-growing economy, India is facing a surging energy demand and remains committed to meeting it sustainably.

One key moment of the summit was the submission of ‘Shapath Patra’ by various stakeholders, outlining their commitments to building or funding the renewable energy supply chain. Joshi reiterated India’s goal of achieving 500 GW of renewable energy by 2030, aligning with the country’s global commitments, including those made at the G20 and UNFCC.

Prime Minister Narendra Modi inaugurated Phase II of the Ahmedabad Metro Rail Project earlier today and also engaged with students during the journey.

Prime Minister posted on X, “Inaugurated Phase-II of the Ahmedabad Metro Rail Project and on the way to today’s programme with energetic youngsters.”