Clean energy can shore up Indian economy from current downturn: Niti Aayog

Niti Aayog CEO Amitabh Kant said India offers an exciting long-term market for both domestic and international investors in clean energy space

Niti Aayog CEO Amitabh Kant on Friday said clean energy has potential to shore up the Indian economy from the current downturn, urging investors to exploit long-term opportunities in the sector.

Speaking at a webinar organised by the Council on Energy Environment and Water (CEEW), Kant said India offers an exciting long-term market for both domestic and international investors in clean energy space.

He said capital flow in the developing world is the need of the hour and paradigm shift will be critical for sustainable economies in the post Covid-19 era.

Apart from the liquidity enhancement measures and the rather bold reforms in the energy sector announced by the government, the domestic bond market offers another opportunity that must be tapped to finance the energy transition, Kant said.

He said, "We must encourage that class of capital market investors to invest in the clean energy."

Stating that green growth can drive the economic recovery for the country from the current downturn, he said India has already set up goals to ensure 24x7 adequate, reliable energy access as well as clean energy transition by reducing the country's reliance on fossil fuel based energy.

"There is a need to deepen the market to further global energy transition. The motivation behind the transition varies across the developing world. Therefore, capital flow in the developing world is the need of the hour," Kant added.

On the India Energy Modelling Forum, he said it will provide a platform to examine important energy and environmental related issues, and facilitate exchange of ideas.

The forum aims at providing a platform to examine important energy and environmental related issues and inform decision-making process to the Indian government.

It also aims to improve cooperation among modelling teams, government, knowledge partners and funders, besides facilitating exchange of ideas and ensuring production of high-quality studies.