Dharmendra Pradhan, Union Petroleum and Natural Gas Minister lays out country’s renewables roadmap hours ahead of PM Modi’s Earth Day, a virtual global summit on climate change, address, on the post Covid-19 rush for renewables is on the verge of transforming India’s clean and renewable energy sector.
India is poised to become the fourth largest renewable energy market worldwide by 2030, accounting for 9% of all global renewable energy use. The potential is clear and the government’s move towards enacting key FDI reforms is attracting global funds and interest in equal measure.
The robust potential of the energy industry has garnered interest from many global players and funds including GIC Holdings, Abu Dhabi Investment Authority, SoftBank, Brookfield, CPPIB, CPDQ, ORIX, Sembcorp and APG. With the promise of luring foreign investors the authorities have rolled out initiatives – tax breaks for setting up plants for solar cells, lithium batteries, EVs and charging infrastructure.
Placing yet another statement of intent on record was Union Petroleum and Natural Gas Minister Dharmendra Pradhan who observed that India’s energy demand is all set to increase in the coming years, and that the future of the growth of energy demand will come from India.
“India is committed to decarbonising its economy as a responsible global citizen, though the country’s priorities are different from the developed world,” Pradhan said in an address to the Center for Strategic and International Studies (CSIS).
Pradhan’s announcement came hours ahead of the crucial Earth Day, virtual global summit on climate change, organized by US President Joe Biden. His comments were a virtual stage-setter for Indian prime minister Narendra Modi.
