Washington, Oct 21: Acknowledging a major positive shift in the trajectory of US-India relations, US officials have appreciated India’s efforts to promote new and renewable energy sources and India’s commitment towards the climate and clean energy. Both sides also committed to explore new opportunities for co-operation during a meeting here on Tuesday between visiting Indian Minister of State of Power, Coal and New and Renewable Energy Piyush Goyal and US Secretary of State John Kerry.
He will meet other prominent members of the US administration, including US Energy Secretary Ernest Moniz, US Trade Representative Michael Froman and Nancy Pelosi, House Democratic leader. Goyal will also meet major energy sector investors to showcase business opportunities in India and India’s tangible progress in the doing business environment, according to the Indian embassy.
Goyal is here on an invitation from Kerry to participate in the Climate and Clean Energy Investment Forum 2015 hosted jointly by the US Department of State, Georgetown University and Google. During the session on ‘Unlocking Investment in Developing Countries’ Goyal elaborated on the government-led efforts to reduce barriers to financing for clean energy projects in India, as well as India’s policy and regulatory support for its clean energy goals.
Goyal emphasised the need for long term low cost funding to keep energy cost affordable considering the development imperatives of India’s fast growing economy. He highlighted India’s huge capital investment requirements estimated at around $250 billion over the next five to six years to meet its renewable energy goals. The role of developed countries in this regard was also underlined.
Goyal emphasised the Indian government’s plans to reliably meet the demand for energy in all sectors including the needs of vulnerable households, in all parts of the country in a technically efficient, economically viable and environmentally sustainable manner. He underlined India’s commitment to pursuing a green path to growth through its plans for deployment of 175 GW of renewable power capacity by 2022, including 100 GW of solar and 60 GW of wind power.
Goyal said that in order to sustain the process of environment friendly economic development in the long run, development of new and renewable sources of energy acquires utmost importance for India. India’s renewable energy potential is vast and holds a great promise. It provides ample opportunities for trade and investment to set up manufacturing, leapfrog technologies and create volumes.
Goyal reaffirmed the Indian government’s commitment to take all necessary steps to create a conducive environment for promoting investment in the renewable energy sector and strengthening the regulatory and institutional framework.
He asked foreign investors, developers and manufacturers to be a partner in India’s renewable energy story and drew attention to the Make in India programme for investing and manufacturing in India, which would in the long run be essential to remain competitive in the market.