India's potential in green energy no less than a goldmine, invest here: PM

Prime Minister Narendra Modi on Thursday (February 23) called for stakeholders to invest in the green energy sector pointing out that the country’s potential in renewable energy is no less than a “goldmine”.

Addressing a webinar on various announcements made in the Union Budget 2023-24 on green growth, Modi said, “India will play an important role in green energy, I invite all stakeholders to invest in India.”

Modi stated that the potential of renewable energy like solar, wind energy and biogas in India is no less than a goldmine, he said, adding that the government is very focussed on bio-fuel and it will bring a lot of opportunity for investors.

Also read: A slew of ‘green’ and ‘clean energy’ initiatives in Union Budget 2023

He referred to India achieving 10 per cent ethanol blending target five months ahead of schedule. He also talked about meeting the target of 40 per cent non-fossil fuel capacity nine years ahead of schedule.

Further, PM Modi stated that budgets since 2014 have not just addressed present challenges but have furthered new-age reforms. India targeting production of 5 million tons per annum of green hydrogen and provided ₹19,000 cr incentive for private sector under National Hydrogen Mission.

He also talked about ₹3,000 crore provision in the budget for vehicle scrapping and about 3 lakh government vehicles that are older than 15 years to be scrapped. He stated that India has to increase battery storage capacity to 125 giga-watts an hour and has set an ambitious target of having 500GW of renewable energy by 2030.