Government to set up a pool of capital to Fund Research on Green Energy Technologies

Government to set up a pool of capital to Fund Research on Green Energy Technologies

The Government will adopt new technologies to make coal-based power generation cleaner and also set up a pool of capital to fund research on green energy technologies with contribution from public sector companies, in which private enterprises could also take part, power, coal and renewable energy minister Piyush Goyal said.

India has set a target of setting up 175 gigawatt (GW) of renewable energy generation capacity by 2022, out of which 100 GW is to come from solar.  From just 2.5 GW two years back, solar power capacity in India is presently at 6.7 GW and will touch 20 GW by next year.

Since the solar power sector is on track, the government will now focus on encouraging new hydropower and wind power capacity, the Minister added.

The government through Ujwal Discom Assurance Yojana, “UDAY’ is already addressing the financial health of state DISCOMs thereby empowering them to buy more power from producers and invest more in efficiency improvement.

Speaking about the environmental concerns, Goyal said that the challenge before the nation is to balance development imperative with sustainability and concerns towards environment.

The Minister said India will couple maximum amount of Renewable Energy that we can feed into our grid with growing generation of coal based power, maintain that delicate balance to ensure the affordability of power and sustainability of generating and mixing this power and lastly also protect the energy security of the country.

Calling upon foreign investors, Goyal said, “I invite companies from around the world to come and participate in this great growth story that India has to offer.”

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