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India has achieved a significant milestone in its renewable energy journey with over 850,000 rooftop solar installations under the PM-Surya Ghar initiative. This was highlighted by Pralhad Joshi, the Minister for New & Renewable Energy, at FICCI’s 3rd India Energy Transition Summit in New Delhi. The government remains committed to its goal of achieving 500 GW of renewable energy capacity by 2030, with a long-term vision of reaching 1,800 GW by 2047. The rapid growth of India’s renewable energy capacity, from 75 GW in 2014 to over 220 GW in 2025, reflects the country’s progress in the clean energy transition. The Minister emphasized the role of energy security, financial stability, and policy reforms in ensuring a smooth transition to renewable energy. He also spoke about the importance of green hydrogen initiatives and the need for continuous collaboration with state governments, banks, and industry stakeholders. The government is actively working on challenges related to financing, policy implementation, and land acquisition, with regular meetings held to address concerns. With ongoing policy support and financial backing, India is positioning itself as a global leader in clean energy. Financial planning remains a critical aspect of India’s energy transition. M. Nagaraju, Secretary of the Department of Financial Services, outlined the government’s investment strategy, stating that ?33 lakh crore will be required for India’s energy transformation. Of this, ?10 lakh crore will come from public sector banks, while ?23 lakh crore must be sourced through global financing institutions, green bonds, and structured debt solutions. The financing roadmap aims to ensure a steady flow of capital to support renewable energy expansion and infrastructure development. The industry has also expressed strong support for India’s renewable energy targets. Shivanand Nimbargi, Chair of FICCI’s Renewable Energy CEOs Committee and CEO of Ayana Power, reaffirmed the industry’s commitment to achieving 500 GW of renewable energy by 2030. He emphasized the need for timely solutions to sectoral challenges, which would help accelerate the transition to a sustainable energy future. Vipul Tuli, Chair of FICCI’s Power Committee and CEO of Sembcorp’s Hydrogen Business highlighted that energy transition is crucial for India’s economic competitiveness, energy security, and investment potential. With over 50 GW of solar module assembly and integration taking place, he expressed optimism about the future of domestic manufacturing and technology advancements in India’s renewable energy sector. A key highlight of the summit was the launch of FICCI’s report, “Powering India’s Energy Transition: Strategies to Accelerate Renewable Integration and Decarbonization.” Presenting the report, Vishal Mehta, Managing Director and Partner at BCG, emphasized the growing importance of wind energy as India’s demand profile shifts towards evening and night consumption. The analysis indicates that achieving the 50 GW annual renewable energy target will require ?1.5-2 lakh crore in debt financing and ?75,000-80,000 crore in equity investments each year. The report provides strategic recommendations to address challenges in renewable energy execution, drive decarbonization, and attract both domestic and international investments. The two-day summit, organized by FICCI, served as a key platform for advancing India’s energy transition. It brought together government officials, industry leaders, financial institutions, and technology experts to discuss renewable energy expansion, energy storage, green hydrogen, and financing mechanisms. Discussions focused on accelerating clean energy adoption, fostering public-private partnerships, and mobilizing investments to support India’s renewable energy targets. India’s energy transition is shaping up to be a defining factor in its economic growth and global positioning in the clean energy sector. With continued efforts from the government, financial institutions, and industry players, the country is on track to become a major hub for renewable energy. The 3rd India Energy Transition Summit marked an important step in this journey, reinforcing India’s leadership in global energy transformation. |
