Key Points

Speaking at the 20th Global Sustainability Summit, Union Minister for Commerce & Industry Piyush Goyal said that India can now provide 24-hour renewable energy at about four rupees sixty paise to five rupees per kilowatt hour, roughly five cents, which he described as "no comparable power available anywhere in the world at this price."

Goyal highlighted how India has transformed its power sector over the past decade. He recalled the early years when electricity shortages were common, noting that in 2014, parts of India were paying as high as 12 to 13 rupees per unit. "With the national grid becoming one, we were able to ensure power even in the south at nearly one-fourth the cost," he said.

Tracing India's journey, Goyal credited the country's rapid expansion of renewable capacity after 2014. The solar program, initially set at 20 gigawatts, was scaled up five times to 100 gigawatts and achieved on schedule. Transmission infrastructure was strengthened to integrate intermittent solar and wind energy.

"We upscaled our renewable energy program 5X as soon as PM Modi came into government," Goyal said, adding that honest bidding processes and equal opportunities helped reduce solar tariffs from seven or eight rupees to just over two rupees per unit.

Goyal also pointed out the role of Prime Minister Narendra Modi at the 2015 Paris climate conference. He said Modi was instrumental in bringing together the global south and pressing developed nations to contribute to sustainability efforts. "Without his active participation, COP21 could not have come to fruition," he said.

Despite global commitments to provide USD 100 billion annually to support developing countries, Goyal said India had yet to see any meaningful concessional finance. "Not one loan or equity offering was available at even 10 basis points concession," he remarked. Still, he underlined that India remains one of the best-performing G20 nations in meeting its climate goals.

He noted that India has already achieved 50 per cent renewable capacity in its 500-gigawatt grid and is on track to double that by 2030. The focus, he said, is on Make in India products to strengthen supply chains and ensure energy self-reliance.

Calling sustainability a collective effort, Goyal credited not only entrepreneurs and corporations but also farmers, small shopkeepers, and citizens for driving growth. "That is the strength of 1.4 billion people working collectively towards a mission to make India a developed nation by 2047," he said.

- ANI