India targets 1,800 GW of green energy by 2047 as PM-Surya Ghar surpasses 8.5 lac solar rooftop units

According to Minister of New and Renewable Energy Pralhad Joshi, India's main solar program, PM-Surya Ghar, has surpassed 8.5 lakh rooftop installations, representing a major step towards the objective of using solar energy to power 10 million households.

 With a long-term goal of 1,800 GW by 2047, the government hopes to reach 500 GW of renewable energy capacity by 2030. During a speech, Joshi stated that the goal will establish India as a global leader in renewable energy while also addressing its energy requirements and aiding in the fight against global warming.
 
As per the minister, India's renewable energy capacity has grown significantly, rising from 75 GW in 2014 to over 220 GW.
 
Joshi highlighted the government's ongoing efforts to accelerate the energy transition, emphasising the need for energy security, stable financing, and strong policies to ensure continued progress. "This initiative, along with ongoing policy support and financial backing, positions India as a global leader in the clean energy transition," he said.
 
Additionally, he highlighted the accomplishments of green hydrogen projects and the cooperation of stakeholders, financial institutions, and state governments in tackling issues including policy implementation and land acquisition.
 
In order to propel this change, including the effective execution of green hydrogen projects, the minister further emphasised the significance of energy security, finance, and policy stability.
 
He also emphasised how crucial it is that bankers, state governments, and other interested parties support this shift.
 
With frequent meetings and conversations with all pertinent parties, the minister gave assurances that the government was aggressively addressing matters like funding, policy execution, and land acquisition.
 
With ongoing efforts to quicken the nation's energy transformation, "India is set for success as a global leader in renewable energy," he continued.
 
"Supporting 33 lakh crore for India's energy future is a powerful test, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital," said M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighting the financial road map.
 
“The remaining 23 lakh crore must come from creative financing options, like as green bonds and structured debt solutions,” he continued, while 10 lakh crore will come from public sector banks.
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