India Plans $25 Billion Funds to Promote Green Energy

In the early 1980s, India became the world’s first country to set up a ministry of non-conventional energy resources. India’s grid interactive renewable energy capacity, excluding large hydropower projects, has reached 30 GW. The country’s award-winning Solar Loan Program, run with the support of the United Nations Environment Program (UNEP), provides consumer financing for solar home power systems. With governmental support for wind power, India is now among the top five countries in the world in terms of installed wind power capacity.

The government of India has now announced a plan to create a corpus of $25 billion to promote green energy as a part of the country’s long-term energy security policy. This corpus will be in the form of five funds of $5 billion each, which will have the support of India’s leading financing institutions, including Power Finance Corp. (PFC), Rural Electrification Corp. (REC), Indian Renewable Energy Development Agency (IREDA), IFCI, SBI Capital Markets and ICICI Bank.

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Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.