India targeting 40% power generation from non-fossil fuels by 2030: PM Modi

Modi says he sees an investment potential of Rs 700 billion to Rs 800 billion in solar manufacturing

India is targeting 40 per cent of electricity generation from non-fossil fuel-based resources by 2030 as it looks to tap vast solar and wind potential to replace reliance on polluting coal to meet its energy needs, Prime Minister Narendra Modi said Tuesday. 

Modi said he saw the 121-country International Solar Alliance as the future OPEC for meeting energy needs of the world.

Oil cartel Opec led by Saudi Arabia currently meets close to half of the world's oil needs.  

Speaking at the first Assembly of the ISA here, he said the solar power will play the same role that oil wells have played over the past few decades in meeting global energy needs.

Humans have in the last 150-200 years relied on resources trapped below the earth's surface for meeting energy needs. But for a secure future, resources available above the ground like solar and wind energy need to be harnessed, he said. 
 

Stating that the focus must be on renewable sources for meeting energy needs, he said India wants to bring all UN members on board of ISA.

Modi said 50 Gw of renewable energy will be soon added to existing capacity and non-hydro renewable will contribute 20 per cent of total energy.

"This is the right time to invest in solar manufacturing," he said, adding that he saw an investment potential of Rs 700 billion to Rs 800 billion in solar manufacturing. 
 

The prime minister said 310 million LED bulbs save 40,000 million units of electricity and Rs 160 billion in a year.

He said 2.8 million solar pumps can save 10 Gw of electricity every year.