Government plans ambitious hike in renewable energy target

The union government is looking at a solar power generation target of 100,000 MW by 2022, way up from the 20,000 MW goal planned by the previous United Progressive Alliance government, according to power and coal minister Piyush Goyal.

"What we inherited was 20 gigawatt up to 2022, which we are trying to reset to 100 gw. On the solar front, we believe there is enormous potential to take it to 100,000 MW in next 5-7 years," Goyal said in Chennai on Monday.

Speaking at a function organised by energy and climate think-tank Teri, he said the government was trying to make these projects viable by providing grid parity to make them economically viable and ensuring that bankability and returns were reasonably assured. "In short, we are trying to make it self-sustaining," he said.

"Renewable energy may seem expensive, but in the long run, it scores over conventional energy. The subsidy regime needs to be more robust, targeted and sustainable. The government of India stands committed to lead the revolution in the renewable energy sector. Transparency, honesty, world-class technology will be the key to dealing with key challenges," Goyal said.

Goyal is obviously no friend of the environment which he is seeking to protect through renewable energy – his concerns are economic.

"Once the development needs of a country are addressed, then talking about environment makes sense ... we still have unsatiated needs for development and for roads and highways to come up, we have to take a more pragmatic view," he said.