India aiming for 1,800 GW RE by 2047, 500 GW by 2030: Pralhad Joshi

India is eyeing a long-term target of 1,800 GW of renewable energy capacity by 2047 under 'Viksit Bharat@2047' vision when the nation will celebrate 100 years of independence, Union Minister Pralhad Joshi said on Wednesday.

Addressing the India Energy Transit Summit here, Joshi, who has the portfolio of 'Ministry of New & Renewable Energy', said, "Overall, things are very fast. Now we are not thinking about 2030 (when 500 GW of renewable energy capacity will be achieved), we are thinking about 2047."  He said whatever is planned for 2030 will be done but we are also thinking about 2047 (target of 1,800 GW).

"We have a long-term vision and roadmap under Prime Minister Narendra Modi's leadership for 2047... We will definitely achieve 500 GW capacity by 2030, that is for sure. We are even working for 1,800 GW installed non-fossil capacity by 2047."  The minister said 500 GW by 2030 is a short-term plan and the government is focusing on a long-term goal for 2047.

He said, "We have reached almost 100 GW solar capacity in the country. In the coming years, we are hopeful to add approximately 50 GW of new capacity annually. This is the speed at which we are going forward."  He said the installed RE (renewable energy) capacity has surged almost 200 per cent, from 75.52 GW in March 2014 to 220 GW today.

"Our journey in the past decade has been transformative," he noted.

About solar rooftop initiative, PM SuryaGhar Yojana aiming installation of one crore solar rooftops, he noted that India has already achieved 8.5 lakh installations so far.

He said initially the scheme was not picking up but now bankers are also financing.

Financial Services Secretary M Nagaraju said public sector banks can finance about Rs 10 lakh crore for RE target of 500 GW by 2030 while the remaining Rs 23 lakh crore will have to come from other institutions.

India requires Rs 33 lakh crore finance to achieve the 2030 RE target, he said.