India needs to invest $1 trillion by 2030 in energy; “unparalleled anywhere in the world” : Piyush Goyal

UN forum highlights importance of stronger partnerships for financing sustainable development

India will need $250 billion in the next five to six years and $1 trillion by 2030, a scale of investment “unparalleled anywhere in the world,” said Piyush Goyal, the Minister for Coal, Power and New and Renewable Energy.

Goyal commented that India will be the largest market for energy with its goal of quadrupling by 2030 the current consumption of 1,050 units per person. Savvy investors will see the opportunities India has to offer them in the energy as the United States, Europe and Japan are seeing an economic slowdown coupled with a lowering of demand because of greater efficiencies in consumption, he said.

Prime Minister Narendra Modi has set a goal of having 175 gigawatts (GW) of renewable energy by 2022, of which 100 GW is to come from solar, Goyal said. India has made strides towards achieving that target and 21 GW of solar energy is to come on line over the next seven to eight months, he said.

He said that he had met investors in Britain and visited the London Stock Exchange to showcase the investment opportunities and was to hold discussions with investors here.

While India sought investments in all energy spheres, its quest for energy efficiency – and through it cleaner environment and carbon emission reduction goals – opened up other areas, he said. As an example, he cited the program to replace the 20 million agricultural pumps, many of them run on diesel, with more efficient and less polluting models, which could save the equivalent of 70 billion units of electricity.

India was working with a university in Australia on clean coal projects, he said. New Delhi planned to collaborate with the Massachusetts Institute of Technology on research on clean coal, he added.

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