Prime Minister Narendra Modi has sought investments in India’s green economy, and said the country’s solar, wind and biogas potential is no less than any gold mine or oil field.
Addressing the first webinar on green growth in the 12 post-budget webinars to be held till 11 March, the Prime Minister said that India’s commanding position in the renewable energy space will ensure a commensurate change in the world. Besides the three segments of solar, wind and biogas, he also highlighted investment opportunities in areas like the green hydrogen ecosystem, which includes fuel cells, electrolysers, and green steel, waste-to-energy projects, battery storage, and vehicle scrapping, among others.
India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014, the Prime Minister said, adding that the country’s track record proves its ability to achieve objectives in the green energy space well ahead of schedule. India met the target of having 40% share of non-fossil fuels in the installed electricity capacity nine years ahead of deadline. The target of 10% ethanol blending in petrol was also accomplished five months before time. The government has brought ahead the deadline for achieving 20% blending by five years to 2025-26.
Narendra Modi said that under the National Green Hydrogen Mission, India is working to achieve the target of 5 million tonnes per annum of green hydrogen production capacity by 2030. The government has allocated Rs 19,000 crore to incentivise the private sector in this segment.