Banks Urged to Prioritize Renewable Energy Financing

13 Dec 2024 CW Team

Ministry of New and Renewable Energy (MNRE) Secretary P K Singh has called on banks to adopt a renewable energy financing obligation to meet India’s growing investment demands in the sector. Speaking at the Global Economic Policy Forum by the Confederation of Indian Industry, Singh underscored the necessity of Rs 30 trillion ($360 billion) investment for achieving renewable energy goals.

NBFCs Leading, Banks Lagging Singh pointed out that non-banking financial companies (NBFCs) currently dominate renewable energy financing, with banks contributing minimally. "A renewable energy lens is crucial to achieving climate change goals and de-carbonizing India's economy," he said.

India’s Renewable Energy Milestones India is now the third-largest producer of renewable energy globally, overtaking Brazil, and holds the same rank in solar energy production, surpassing Japan. Singh emphasized the need for sustained financial backing to maintain this momentum.

Energy Transition Costs and Opportunities Dr. Auguste Tano Kouame, World Bank’s Country Director for India, explained that energy transition costs are substitutional, not additional, and essential for economic transformation. He noted that while 5.6 million workers are employed in coal-related sectors, renewable energy could create 56 million new jobs.

Clean Air and Climate Priorities Michael Greenstone, Director of the Energy Policy Institute at the University of Chicago, highlighted India’s low energy consumption and the health toll of air pollution, which cuts life expectancy by 3-5 years. He stressed the need for clear goals and market-driven solutions.

Collaborative Efforts for Climate Goals The forum underscored the importance of joint action by governments, financial institutions, and markets. Singh’s proposal for renewable energy financing obligations reflects the urgency of targeted strategies to meet India’s climate and energy goals.

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