PM-Surya Ghar crosses 8.5 lakh solar rooftop units as India targets 1,800 GW green energy by 2047

PM-Surya Ghar, India’s flagship solar initiative, has crossed 8.5 lakh rooftop installations, marking significant progress towards the goal of powering 10 million households with solar energy, according to Minister of New and Renewable Energy, Pralhad Joshi.

“The government aims to achieve 500 GW of renewable energy capacity by 2030, with a long-term vision of 1,800 GW by 2047. The target would position India as a global leader in renewable energy while meeting its energy needs and contributing to global decarbonisation efforts,” Joshi said in his address at the third India Energy Transition Summit hosted by FICCI.

The minister said that India’s renewable energy capacity has already increased from 75 GW in 2014 to over 220 GW showing notable growth in the sector.

“This initiative, along with ongoing policy support and financial backing, positions India as a global leader in the clean energy transition,” said Joshi highlighting the government's ongoing efforts to accelerate the energy transition, stressing the need for energy security, stable financing, and robust policies to ensure continued progress.

He also noted the successful implementation of green hydrogen initiatives and emphasised the collaborative efforts of state governments, financial institutions, and stakeholders in addressing challenges such as land acquisition and policy implementation.

The minister also stressed on the importance of energy security, finance, and policy stability in driving this transformation, including the successful implementation of green hydrogen initiatives.

He also underlined the importance of state governments, bankers, and other stakeholders in supporting this transition.

The minister assured that the government was actively addressing issues such as financing, policy implementation, and land acquisition, with regular consultations and meetings held with all relevant stakeholders.

“India is on track to become a global leader in renewable energy, with continuous efforts being made to accelerate the country's energy transition,” he added.

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighted the financial road map, stating: "Mobilising ₹33 lakh crore for India's energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital.”

“While ₹10 lakh crore will be sourced from public sector banks, the remaining ₹23 lakh crore must come through innovative financing instruments, including green bonds and structured debt solutions,” he added.