In an recent event, Union Minister of Coal, Power, New and Renewable Energy, Piyush Goyal attended a conference where he said that the Country is in need of approximately $1 trillion of investment in sector like this. It will eventually help the public come out of poverty being an unparalleled anywhere in the world deal with the United Nation’s.
India will need such huge amount of capital for development in Energy sector by 2030 as the current consumption is 1,050 units per person. The country will become largest market of energy with its goal of quadrupling. Prime Minister Narendra Modi has decided to get 175 gigawatts (GW) of renewable energy out of which 100 GW will come by solar energy. Also, they have already begun with the work as 21 GW is set to come in line within 7 to 8 months, this year.
India being the one of the main markets for investments can easily attract investors for fund raising. As countries like US , Europe and Japan are facing economic slowdown lowering the demand due to lot of consumption likewise greater efficiency. India is in talking terms with Britain to attract investors and thus visited London Stock Exchange to hold discussions on matter.
The country needs funding in all sectors of energy but right now main concern towards petroleum energy which contributes in lot of pollution. Also, replacements of around 20 million pumps running on diesel with environment efficient electrical energy in return saving almost 70 billion units.
Apart from solar energy they are trying to focus on hydro energy too which can be generated through water waste, wind waste and normal waste. United Nation’s said to keep focus towards sustainable development goals regarding cutting finances to coal plants all over the country as it is completely anti-environmental and counter productive. Still on the other hand country is planning to reserve coal for future purpose as when rest of renewable energy will be unavailable then such kind of energy will help in electricity generation. Also, if financing would not be able possible then continuing with same sort of energy will be the sole option especially for third world countries.
On the contrary, there are many developed countries who can not afford the solar energy deals due to lack of finance as well as technology. India, still a developing country has been able to join hands with France regarding overcoming the hurdles by solar power. The two countries have set up International Solar Alliance (ISA) for future betterment. The organization foundation was laid by Prime Minister of India, Narendra Modi and President of France, Francois Hollande in Gurgaon, Haryana, India. Apart from India and France, about 120 countries are participating.
After revealing the investment amount $1 trillion and strategy in a press conference in New Delhi, Union Minister Piyush Goyal and Environment and Energy Minister, Segolene Royale are likely to hold a meeting on ISA and sign in the agreement.