India for Long Term Funding To Keep Energy Cost Affordable
WASHINGTON: Ahead of next month's Paris summit on climate change, India has underlined the need for long term low-cost funding to keep energy cost affordable considering the development needs of its fast growing economy.
Participating in a panel discussion on 'Unlocking Investment in Developing Countries' at the State Department here, Energy Minister Piyush Goyal said in the next five to six years, India needs huge capital investment around $250 billion to meet its renewable energy goals.
"In order to sustain the process of environment friendly economic development in the long run, development of new and renewable sources of energy acquires utmost importance for India," he said.
He "emphasised the need for long term low cost funding to keep energy cost affordable considering the development imperatives of India's fast growing economy."
The Minister is here at the invitation of Secretary of State John Kerry to participate in the Climate and Clean Energy Investment Forum 2015.
Observing that India's renewable energy potential is vast and holds a great promise, he said it provides ample opportunities for trade and investment to set up manufacturing, leapfrog technologies and create volumes.
The discussion was moderated by Michael Liebreich, Bloomberg New Energy Finance and the other panelist was Amos Hochstein, Special U.S. Envoy and Coordinator for International Energy Affairs.
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