Investment in renewable energy cushioned Iran war blow: PM Modi

PM Modi says clean energy investments cushioned India against West Asia crisis, sets 500GW target by 2030

NEW DELHI: PM Narendra Modi said India's economic growth has remained high despite the West Asia crisis, whose impact would have been far more serious if the country had not invested in clean energy over the past decade.Commending India's progress in renewable energy sector, he said efforts were on to add 500GW of non-fossil energy capacity over the next 10-11 years. The PM also pitched for a "clean cooking movement" to reduce dependence on imported gas.Speaking at the inauguration of Bharat Renewable Energy Summit at Bharat Mandapam Monday, Modi said the ongoing energy crisis had underlined the link between energy security and economic security, making it imperative for countries to reduce dependence on fossil fuels."This global crisis has given every country a clear message that energy security is directly linked to economic security. If we continue to remain too dependent on fossil fuels, global economy will continue to be disrupted again and again," he said.Modi said India had already achieved nearly 300GW of non-fossil installed power capacity, accounting for more than 50% of its total capacity, and was pursuing its target of 500GW capacity by 2030.

India's clean energy sector could offer investment opportunities exceeding Rs 20 lakh crore ($220 billion) by the end of the decade as the country expands renewable energy generation, transmission infrastructure, manufacturing and energy storage. More than Rs 15 lakh crore ($164 billion) had been invested in the sector over the past decade, including Rs 6 lakh crore ($63 billion) in the last two years.

"For all of you, a new sky of opportunities is about to open up in India's clean energy sector," he said, adding it was difficult to find "political and policy stability" like India's anywhere in the world.Referring to schemes such as PM Surya Ghar Muft Bijli Yojana and PM-Kusum, Modi said India was making solar power part of citizens' lives. He called on farmers to move beyond solar pumps and become energy producers by installing panels on vacant farmland and along field boundaries. "Annadata should become Urjadata," he said.In a push to reduce dependence on imported cooking gas, Modi urged startups and innovators to develop solutions that would enable households to use rooftop solar power for cooking. He also pitched for wider adoption of electric vehicles, with households charging them using solar power generated on their rooftops.