Transition to renewable energy needs ₹30 lakh crore in 7-8 years: Renewable energy secretary Prashant Kumar Singh

Renewable energy secretary Prashant Kumar Singh on Monday said there is a financing requirement of ₹30 lakh crore over the next 7-8 years for energy transition. Speaking at the CII Partnership Summit, Singh underlined the need to ramp up bank financing for the sector.

He also pointed to the need to leverage all financial instruments for the sector including subsidies, incentives, financing from multilateral institutes, green bonds, and infrastructure investment trusts, among others.

"Solar capacity was 2 GW in 2014. Today, we stand at 92 GW. In our aim of 500 GW, solar is expected to be a major player, which is expected to be about 290 GW by 2030," Singh said about the 500 GW renewable capacity target.


Considering the variable nature of renewable energy, India must look at storage as an important factor for energy transition, he said.