November 27, 2015 8:55 PM

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Govt plans to set up $1 bn pvt equity fund for renewable energy

Minister for Environment, Forests and Climate Change Prakash Javadekar has said that India is taking a leadership role in COP21 Paris and the summit will take forward the United Nations Framework Convention on Climate Change. <br/><br/>Interacting with the Twitterati through Talkathon programme organised by Ministry of Information and Broadcasting in New Delhi today, Mr Javadekar said, it is the moral responsibility of every nation in the world to ensure the future generations a healthy planet. <br/><br/>Participating in the programme, Power Minister Piyush Goyal said, India has been a responsible user of fossil fuels and it is taxing carbon more than any other country in the world. He said, Government is planning a 1 billion dollar private equity fund for renewable energy sector and it will be initially seeded by Government companies. Mr Goyal said, economies of the west have moved their energy requirements to other countries and west needs to be more conscious about energy waste. <br/><br/>The Minister informed that India is aiming at ramp up renewable energy by 5 times. He said, government is seeking to collect 4 billion dollars per year in 3 to 4 years for clean energy fund. He said, using LED bulbs alone will reduce peak load requirements by 22 thousand Megawatt and in the coming three and half year India is going to replace 770 million and 350 million streetlight with LED bulbs.<br/><br/>Goyal said, Energy Efficiency Programme of Government will save 40 thousand crore rupees annually. He said, India is supportive of all the Research and Development efforts done globally for clean technology. Mr Goyal said, with falling prices and technological innovations, Government is confident of meeting 1.75 lakh Mega Watt of renewable energy targets by 2022.<br/><br/>He added that Prime Minister Narendra Modi will launch the International Solar Alliance on 30th of this month along with French President Fran'ois Hollande. Talkathon is an initiative that connects the virtual space with the physical world. Under the platform, participants in the social media space can post questions on Twitter, which will be answered by the guests in real-time.

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