Union Minister of New and Renewable Energy, Dr. Farooq Abdullah has urged the banking sector to scale up lending to renewable energy projects especially those aimed at providing energy access in remote areas and to disadvantaged rural communities.
He was speaking at a high level panel discussion organised in New Delhi yesterday to mark the “Asian rollout of the International Year of sustainable Energy for All”. He said that certain risks are essential to achieve growth and development. Highlighting the progress India has achieved in the field of wind and solar power, the Minister said that despite this a large number of people in the country still lack access to commercial energy.
He emphasised the role of renewable energy in providing energy access to these rural communities and said that it could be the biggest driver for inclusive growth. He said the development of renewable energy can substantially help in reducing consumption of kerosene and diesel.
Terming access to power to all as a key challenge, Dr. Farooq Abdullah called upon the global community to unite in this endeavour. The Minister said that the market can play a key role in enhancing use of renewable energy. Emphasising the need for providing easy availability of finance and modern technology, he said the sector needs high level of investment. The Minister called for focused research and innovation in renewables.