PM Modi calls for private investments in sustainable energy

NEW DELHI, Mar 4, 2022, Mint. Prime Minister Narendra Modi on Friday asked the private sector to invest in sustainable energy assuring them of total support from the government. Addressing a webinar on ‘energy for sustainable growth’ organised by the Ministry of New and Renewable Energy, he stressed on the need for energy transition for India as the country is set to witness a growth in its energy demand, Mint reported.

Talking about the National Hydrogen Mission, the Prime Minister said India can become the hub of green hydrogen given its inherent advantage in the form of abundant renewable energy power. He asked for private sector efforts in the area of green hydrogen.

He also said that the industry has the potential to set up 500-1,000 bio CNG plants in the country over the next two years. Recently, Modi inaugurated a ‘Gobardhan’ bio CNG plant in Indore

Modi said sustainable growth is possible only through sustainable energy sources. He reiterated his commitment made at the COP26 Summit in Glasgow to achieve net-zero carbon emission by 2070. He also spoke about the target of achieving 500 gigawatt non-fossil energy capacity and achieving 50% of installed energy capacity through non-fossil energy by 2030.

“India is moving with this vision in last few years and the same has been taken forward at policy level in this year’s budget”, he said. He noted that the budget has announced ₹19,500 crore for high-efficiency solar module manufacturing which will help in making India a global hub for manufacturing and R&D of solar modules and related products.

He further said: “Provisions have also been made in this year’s budget regarding battery swapping policy and inter-operability standards. These will reduce the problems faced in the use of electric vehicles in India.”

The Prime Minister said that along with energy production, energy saving is equally important for sustainability. Modi said that by promoting production and distribution of LED bulbs under Ujala scheme, the government helped save 48,000 million Kilo Watt Hour electricity.

Further, noting that coal gasification is a clean alternative to coal, he said that four pilot projects have been announced for coal gasification in the budget for FY23, which will help in firming up technical and financial viability of these projects.

“Similarly, the government is also continuously promoting ethanol blending,” he said.

The Prime Minister said the budget also made provisions regarding battery swapping policy and inter-operability standards, which he said will reduce the problems faced in the use of electric vehicles in India.

“Challenge of energy storage has received significant attention in the budget,” he added.