In the past few years, India has taken many massive strides in green energy. We were the first G20 Nation to achieve the Paris commitments in renewable energy. The remarkable growth of solar energy is a key reason in making this possible. Our solar energy capacity has increased 32-fold in the last 10 years.
This speed and scale will also help us achieve five hundred (500) gigawatt non-fossil capacity by 2030.
India’s growth in the solar sector is the result of a clear approach.Whether in India or in the world, the mantra to increase solar adoption is awareness, availability and affordability. The increased awareness about the need of sustainable energy sources by encouraging domestic manufacturing in the solar sector we increase availability.
Through specific schemes and incentives, we also made the solar option affordable.
ISA is an ideal platform for exchanging ideas and best practices for solar adoption. India has a lot to share as well. let me give you an example for a recent policy intervention. A few months ago, we
launched the PM Surya Ghar Muft Bijli Yojana. We are investing Rupees 750 billion in this scheme. Our target is to help 10 million households to install their own rooftop solar panels. We are transferring financial assistance directly to the people’s bank accounts.
Low interest, collateral free loans are also being enabled in case additional finance is needed. Now, these households are generating clean electricity for their needs. Moreover, they will also be able to sell excess power to the grid and earn money.
Due to the incentives and potential earnings, this scheme is becoming popular. Solar energy is being seen as an affordable and attractive option. I am sure many nations have similar valuable insights derived from their work on energy transition.
