The World Bank is to invest $775m (£452m) in Indian renewable energy projects, supporting prime minister Narendra Modi’s push to clean up the country’s energy mix.
Modi, whose Bharatiya Janata party came to power in May, has pledged to bring reliable electricity to the 300 million Indians who currently live without it.
The government has therefore made investment in renewable energy, especially solar energy, a top priority, with plans to introduce policies more supportive to the industry.
As the World Bank expects this to provide a significant boost to the sector, it has announced its own plans to invest further in India’s clean energy drive.
“The support shown by the new government towards clean energy is quite encouraging and is expected to give the much-needed push to the sector and unlock pending investments,” Ashish Khanna, leader of the World Bank’s India energy programme, told the Economic Times.
“The World Bank is ready to partner with the government in scaling up sustainable clean energy investments,” he added.
The announcement comes shortly after a World Bank report warned that India must urgently reform its energy sector or face annual losses of $27 billion by 2017, because of inefficiency, theft, and a lack of funding.
As around a quarter of the population live without an electricity connection, the failings of India’s infrastructure have also been illustrated by a number of recent blackouts.
However, the World Bank noted the progress made in the last decade, as 280 million Indians gained access to electricity. It also estimates that renewable energy now provides 12% of India’s demand, up from virtually nothing in 1990.
The government is also optimistic that solar energy can play a huge part in electrifying India’s population while building a sustainable future.
With around 300 clear sunny days in India every year, the country’s solar energy potential is considerable. The government hopes to establish four giant solar projects with 1,000 megawatt capacity each, in Rajasthan, Gujarat, Jammu and Kashmir and Ladakh, while also brining solar to homes across the country.
Narendra Taneja, convener of the energy division for the party, recently said,
“If successful, solar panels could allow every home to have enough power to run two bulbs, a solar cooker and a television.
“Expanding clean-power generation will be the administration’s top energy-related priority, especially solar because it has the potential to create jobs.”
Photo: Intel Free Press via Flickr
Like our Facebook Page
Wonderful Environmental Monitoring Tips to Keep Indoor Air Clean
4 Morning Productivity Tips for Green Entrepreneurs that Are Night Owls
The Tremendous Benefits of Investing in Energy-Efficient Windows
Most Effective Ways to Make Your Home Security Eco-Friendly
4 Must-Have Sustainable Items to Live an Eco-Friendly Life
Why Impact Investing is Great for Both the Planet and Company Profits
How Does Bitcoin Mining Work and is it Eco-Friendly?
Why New Energy is Essential to the Survival of the Planet
Cultivating an Environmentally-Friendly Home
Eco-Friendly Healthcare: Five Steps for a More Sustainable Medical Practice
The Vegan Revolution: Rise of The Plant-Based Business
How to Make Your Ecommerce Business More Eco-Friendly?
Luxury Development for The Ultra-Rich Causing Climate Change Conundrum in Barbuda
How Can Social Media Help In Promoting Sustainable Lifestyle?
Most Popular 2021 Sustainable Interior Design Trends
4 Electric Car Maintenance Tips to Slash Your Carbon Footprint
3 Things Sustainable Companies Do for ‘Green’ Construction
There is no Planet B: The Growing Importance of ESG
Is Gen Z Ahead of Millennials in Terms of Eco-Investing?
Four Reasons Why Buying Used Cars Is the Way to Go Green
Features9 months ago
Eco-Friendly Interior Design Is Easier Than You Might Think
Features7 months ago
Eco-Friendly Hacks To Create A Durable Shop For Your Home
Features8 months ago
5 Simple Ways To Create A Greener And Healthier Home
Environment11 months ago
The Benefits Of Sustainable Agriculture For Farmers