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. Dr Abdullah was speaking at a high level panel discussion organized in New Delhi to mark the Asian Rollout of the International Year of Sustainable Energy for All.
The minister said that certain risks are essential to achieve growth and development. He highlighted the progress that India achieved in the field of wind and solar power, nevertheless he added that capacity addition must grow as many people in the country are still suffering the lack of access to commercial energy. He emphasized 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.
The Minister insisted in the need of investment and more efforts in R&D. Dr. R. K. Pachauri, Director-General, The Energy and Resource Institute, TERI and other key participants on the panel agreed with the minister.