India Urged to Increase Green Energy Financing
Renewable Energy Secretary Calls for Action
The Renewable Energy Secretary, Prashant Kumar Singh, emphasized the importance of banks taking on a green energy financing obligation. He pointed out that currently, banks are only funding a small portion of renewable energy projects, while non-banking financial companies are providing most of the funding.
Future Investment Needs
Singh highlighted the need for a massive investment of ₹30 lakh crore in the renewable energy sector in the future. He stressed the importance of looking at things through a renewable energy lens to achieve climate change goals.
India’s Progress in Renewable Energy
India has recently become the third-largest producer of renewable energy and the third-largest in solar energy capacity. This shows the country’s commitment to sustainable energy sources.
World Bank’s Perspective
Auguste Tano Kouame, the Country Director for India at the World Bank, also spoke at the forum. He mentioned that the cost of energy transition is not an extra expense but a necessary investment. Kouame highlighted the economic transformation that comes with transitioning to renewable energy sources.
Transforming the Energy Mix
Kouame emphasized the importance of changing the energy mix to reduce pollution. He noted that there is growing awareness among market participants about the harmful effects of traditional energy sources.
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Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice.