Addressing the Fourth Clean Energy Ministerial conference, Prime Minister Manmohan Singh said the country aims to double the renewable energy capacity from 25,000 mw in 2012 to 55,000 mw by 2017.
The government would achieve this objective by exploiting non-conventional energy sources such as solar, wind power and energy from biomass, among others.
Further, he said the country aims to bring about a 20 to 25 per cent reduction in the energy intensity of its GDP by 2020 as part of its plan to raise the efficiency of energy use.
Pointing out that market forces alone would not be able to finance clean energy projects, he emphasised the necessity of subsidies. Singh also voiced concern over “painfully slow” progress in climate talks and said the goal of stabilising global temperatures was “nowhere in sight”.
Highlighting critical issues in promoting expansion of green energy, Singh said investments in the sector were subject to technological, commercial and regulatory risk.
Even though the costs of solar energy almost halved over the last two years, it is still higher than the cost of fossil fuel based electricity, he said.