Government Assures Protection of Investments in Renewable Energy Sector in India

The Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy, Mr. Piyush Goyal addressing the Plenary Session: India- The new investment Destination for renewable Energy, in New Delhi on February 16, 2015. The UN Secretary General’s Special Envoy for cities & Climate Change, Mr. Michael R. Bloomberg is also seen.

• Government Stands Committed Towards a Cleaner, Greener & Better India, says Power Minister Piyush Goyal

New Delhi (PIB-GR-TYP-BIN): India with its most ambitious renewable energy programme in the world, with a target of 15% generation by 2020 is trying to become a lucrative destination for investment in this sector. Plenary Session at the RE-INVEST 2015 in New Delhi on February 16, examined the overall renewable energy potential of the country and discussed various investment opportunities.

Mr. Piyush Goyal, Union Minister of State (IC) for Power, Coal & New and Renewable Energy in his opening address assured that the Government will make sure that the investments in India will be protected and encouraged. He said for a new investment destination the prerequisite is an atmosphere which makes to do business easier, consistency in policies, bankable contracts and prevalence of rule of law in the country. The Minister assured the investors that though the Government is pro-poor it understands the problems of business and will act as a facilitator. Goyal said the entire aim of the government is to dovetail welfare measures which are meant for the under privileged and the last man in the street with the efforts of keeping our environment clean and with efforts of not doing anything which may affect the environment.

Mr. Goyal asserted that the government stands committed to use renewable energy as our humble contribution towards a cleaner and better world to take on challenges of climate change head on and to leave behind a cleaner, better and greener India for the future generation.

In his special address at the session, Mr. Michael R. Bloomberg, UN Secretary General’s Special Envoy for Cities & Climate Change urged both India’s private sector and foreign investors to continue developing and investing in the clean energy market which creates knowledge-intensive jobs and support the nation’s goals. All of these steps, he said, are helping to position India as a crucial global leader in addressing climate change, as nations work towards an international climate agreement in Paris this December. No other country, in his view, faces an energy challenge or has seized the energy opportunity on nearly the same scale and scope. ‘Prime Minister Modi is showing that confronting climate change goes hand-in-hand with smart economic growth’, said Michael Bloomberg. ‘And from my experience, he is absolutely correct to make cities a central focus of his work. The more India invests in sustainable cities, the stronger its economy will grow’, said Mr Bloomberg.

In his remarks, Mr Uwe Beckmeyer, Deputy Minister, Federal Ministry of Economics & Energy , Federal Republic of Germany said that his country wants stronger , wider and deeper partnership with India in the renewable sector .

Baroness Sandip Verma , Minister of Energy & Climate Change , UK said that she would encourage Indian RE firms to explore UK financing. She also said that her country will support India in three “Fs” namely Framework, Financing and Firms.

Among the other participants at the Plenary session titled “ India – the New Investment Destination for Renewable Energy” were Mr Adnan Z Amin , Director General International Renewable Energy Agency, Ajay Sriram , President CII , Dr. Jyotsna Suri, President FICCI , Rana Kapoor , MD & CEO Yes Bank, Tulsi Tanti , CMD Suzlon Group of companies, and Vineet Mittal Vice Chairman, Welspun Renewables. The Session, which was moderated by Dr. Satish B Agnihotri Former Secretary (Coordination) Cabinet Secretariat, Government of India also deliberated on key policy interventions needed to catalyse investments.

The three day RE-INVEST 2015 is being attended by 2800 delegates from 41 countries.

The UN Secretary General’s Special Envoy for cities & Climate Change, Mr. Michael R. Bloomberg addressing the Plenary Session: India- The new investment Destination for renewable Energy, in New Delhi on February 16, 2015. The Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy, Mr. Piyush Goyal is also seen.