Clean energy investment helped India weather global energy crisis: PM Modi

New Delhi: Prime Minister Narendra Modi on Monday said India's investments in clean energy and reforms taken in the last decade have helped shield the country from severe external shocks.

India is setting an ambitious goal to add another 500 GW of new non-fossil capacity over the next 10-11 years, he said at the inauguration of the Bharat Renewable Energy Summit & Expo. "This target is somewhat difficult, but I have faith in the capability of my country; therefore, I say, we will do it!" Modi said. He also said that the impact of the recent crisis could have been much worse without these measures. "If India had not invested in clean energy and created new systems for this over the past decade, then our crisis could have been much more severe than the rest of the world," he said.

The prime minister said recent global disruptions have shown the direct link between energy security and economic security, warning that continued over-reliance on fossil fuels will repeatedly disrupt the world economy. He said fossil fuel reserves are finite and concentrated in a few regions, making economies vulnerable to external disruptions. Clean energy, on the other hand, is accessible and affordable. "And we all know, the future of energy security lies in clean energy," he said.


The prime minister's remarks come amid growing concerns over energy security and the impact of global disruptions on economies dependent on imported fossil fuels. India now ranks among the top three nations in solar and renewable energy with over 50% non-fossil installed capacity and nearly 300 GW already achieved towards the 500 GW target.

Renewable energy minister Pralhad Joshi, while addressing the gathering, highlighted the investment in the sector. He said the total investment has crossed $67 billion within the last two years, making it the biggest investment in any sector.