Echoing a similar train of thought, Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said, "Subsidies need to be explicit and it is important to distinguish between subsidy and finance. RE projects need to have a revenue model that can be financed and then we can bend over backwards to ease the regulatory restriction to address the externalities in renewable energy financing."
Highlighting two key trends in the course of his address, Dr Moniz said, "The notion that the Clean Technology Revolution remains a distant goal is changing as cost reductions in clean technologies (photovoltaic, LED and wind) continue to advance at a rapid pace. A shift in the public attitude towards the need for prudent action to pursue the Clean Energy Agenda is also being witnessed. This is important to address the risks of climate change."
Speaking on the Progress the role of renewable energy, Banmali Agrawala, member, CII National Council and CEO & President, GE South Asia, said, "India as a country has made substantial progress in the area of renewable energy and energy efficiency. Today installed renewable energy capacity at 30 GW accounts for 13 per cent of the fuel mix and is about 5-6 per cent in energy terms. To further strengthen the entire base of renewable energy in the country, there is a need to move from capacity addition to energy and explore solutions in the area of grid integration, energy storage and energy efficiency on the demand side. Funds also need to be provided to the manufacturing sector to enable them to innovate new technologies."
Stressing the importance of financing, he said, "Financing is the core of renewable energy and energy efficiency. While the market has responded well to the commercial interventions that have been put in place, financial institutions in the country need to respond more aggressively and should be willing to go that extra step."