Farooq Abdullah urges banks, industry to promote green energy
Posted on Mar 01 2014 | IANS
New Delhi, Feb 28 : Major stakeholders like banks and industry would need to play a pro-active role to promote green energy, union Minister for New and Renewable Energy Farooq Abdullah said Friday.
"Banks will need to come forward and reduce interest rates even as the industry needs to innovate and develop better products," Abdullah said at an event here organised by the Planning Commission and industry body CII to launch India Energy Security Scenario (IESS) 2047 - a tool that would help stakeholders in adopting optimal option to meet energy needs.
State governments and the Centre need to work together and evolve policies to increase the contribution of renewable power sources in the country's energy basket, he added.
According to him, an integrated approach as well as uniform policies are required to increase the share of renewables in the country's energy basket.
Renewable sources currently account for about 30,000 MW of the country's total installed power generation capacity of over 234,000 MW.
"The IESS 2047 is an energy scenario building tool which generates the energy demand and supply scenarios for India leading up to the year 2047," a ministry statement said.
The tool has been developed by the Planning Commission in consultation with key stakeholders including the UK Department of Energy and Climate Change, The Energy and Resources Institute (TERI), C-Step and Prayas Energy.