India to quadruple its investment on R&D in the Renewable Energy section in next 5 years: Piyush Goyal

India to quadruple its investment on R&D in the Renewable Energy section in next 5 years: Piyush Goyal

Piyush Goyal

Union Minister of State for Power, Coal, New & Renewable Energy and Mines- Piyush Goyal addressing a plenary session at the 11th Sustainability Summit said that “Climate change is a global challenge and we all should fight it here, now and today.”

Restating the commitment of the Government of India towards the achievement of Sustainable Development Goals (SDGs), Goyal informed about the various progressive initiatives that the Ministries under him are taking. He said that India will positively achieve the target of 40% of installed power capacity through Renewable Energy sources by 2030, as a part of the Intended Nationally Determined Contributions (INDC). This will facilitate India to achieve Sustainable and Inclusive Growth for future generations.

Goyal labeled ‘24×7 Uninterrupted and Affordable Power for All’ as the keystone for achieving the 17 SDGs. It is the central factor to achieve a Sustainable and Inclusive Growth profile, whether it is hunger & poverty alleviation, health & education, water & energy security, industrial & urban growth and reducing inequality.

Goyal asked the Developed Nations to own up their responsibilities and honor their commitments to enable an Open Access to Low Cost, Long Tenure Financing of clean energy projects and facilitating Modern Technology transfers to Developing Nations. He further added that it is high time that each country focuses on limiting their carbon footprint and not shift the burden on Developing countries like India, which despite its development imperatives is zealously pursuing the path of Sustainable Development.

The Minister ardently stated that India is on the path to quadruple its investment on Research & Development in the Renewable Energy sector in the next 5 years and it expects a similar commitment and credible action on the ground from the Developed Nations rather than giving it a mere lip service.

Goyal quoted the Government’s progressive interventions in the direction of achieving a ‘Green Growth’ profile like cutting down the cost of solar power by 40% in the last 2 years, procuring best quality 9W LED bulbs for just Rs. 38 per unit and distributing 600000 units per day, scaling up the solar rooftop energy solutions by 130 times to 40000MW capacity in next 6 years, thermal power plants utilizing treated wastewater from nearby municipalities, which in turn would save fresh water to meet the daily needs of around 150 million people, inter alia.

In his concluding remarks, the Minister congratulated CII for holding this Summit which provides a great platform for deliberations on the issues of Climate Change and Sustainable Development.

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