June 03, 2023 04:07 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi to address joint session of US Congress on June 22 | Goa-Mumbai Vande Bharat Express launch ceremony cancelled after Odisha train mishap | At least 50 killed, 300 injured in Coromandel Express mishap in Odisha's Balasore, massive rescue ops underway | 'Arrest wrestling body chief by June 9 or...': Farmer leaders warn Centre | RBI issues draft directions on cyber resilience, digital payment security controls for Payment System Operators

"Renewable energy a win-win solution for India's energy security challenge"

India Blooms News Service | | 26 Aug 2014, 12:39 am
New Delhi,Aug 25 (IBNS): Former Union Minister Suresh P Prabhu on Monday released a series of reports on 'Renewable Energy Jobs and Finance' published by the Council on Energy, Environment and Water (CEEW) and the Natural Resources Defense Council (NRDC).

These reports are the first independent, external analysis of the employment opportunities for India solar energy and wind energy markets and draw from extensive discussions with stakeholders, and research and analysis of national, state and international programs.

They also include an assessment of domestic and international opportunities to fund clean energy in India.

As per the reports, India’s solar and wind programs have catalysed rapid growth providing much needed energy access, creating employment opportunities for India’s workforce, and yet facing the challenges of financing.

Delivering the keynote address, Suresh P Prabhu, said, “Energy access is a critical issue in India, where many people are still using kerosene causing fiscal as well as environmental damage. Unlike collateral damage caused by fossil fuels, renewable energy gives us a win-win situation. Today, renewable energy needs different types of funding and a long-term source of financing is essential. We need to rope in different financiers, including Venture capitalists, to help develop renewable energy technologies, bring new innovation and improve efficiencies.”

Prabhu added, “Renewable energy has the capacity to boost economic activities in rural India, thus creating many more jobs than just job creation specific to the renewables sector.”

Arunabha Ghosh, CEO of CEEW, an independent think-tank, said, “As nations race to become clean energy leaders, governments around the world will be closely following the progress of India’s renewable energy revolution. It is essential that the Indian government adapts its strategy to boost confidence in projects and spur investment from a variety of funding sources and financial institutions.”

“Clean energy development is vital to economic growth in India,” said Anjali Jaiswal, Director for the Natural Resources Defense Council’s India Initiative.

“While the National Solar Mission and the forthcoming Wind Mission still face significant hurdles, India has already made important strides to attract new domestic and international players into the market and generate local jobs," she said.