'Set up fund from green savings to deal with climate change'

The savings generated by using renewable energy sources can be used to create a fund to deal with the problem of climate change, Railway Minister Suresh Prabhu has said.
"Savings using renewables can be used to create a fund to deal with the problems of climate change," Prabhu said while addressing a conference on 'Energy Security and Green Growth in India' by CUTS International here.
Outlining the importance of renewable energy sources or green energy, the Minister said that for dealing with the issue of emission, money is needed for creating a model and its efficient management.
He said Germany can be India's natural partner in promoting renewable energy, especially solar power, because it has the technology and India has abundant sunshine.

Commending Germany's ability to manage renewable energy, he said its 30 per cent energy needs are met by renewables and plans to meet 80 per cent demand from clean sources by 2050.
On the issue of free power being provided for farm sector by states, Prabhu said he had pursued states to stop providing free electricity to farm sectors when he was Power Minister from 2001 to 2003.

He said that the then government pursued the state to stop giving free power by giving incentives like setting up of power plants in the state by central public sector companies.
The Minister was of the view that "it is absolutely necessary" to stop free power to farm sector or any other sector to improve the efficacy of state distribution utilities which reeling under a debt of over Rs 3 lakh crore.

According to government estimates, debt on distribution companies is increasing by Rs 60,000 crore every year.
The Union Cabinet is likely to consider a proposal for recasting the debt of these companies this month.
Prabhu said green growth means that it must be sustainable but we have big challenge of ensuring that we have good number of GDP (economic) growth because India has to deal with problems like poverty.
Also present, former Power and Environment Minister Jairam Ramesh said that India must be a serious player in national green accounts because green energy is of profound importance to us.