Fossil Fuels Won’t Last Long: Suresh Prabhu on Renewable Energy

The cost of renewable energy is inversely proportional to the amount of its generation in India. As the country proceed with more generation of renewable energy the costs of development will gradually reduce.

Speaking at a function of International Solar Alliance (ISA) Innovation and Investment Forum, Union Minister Suresh Prabhu stressed upon the need to increase the use of carbon-free renewable energy resources for the India’s power requirements.

He also upheld the view that India’s target to generate 100 GW solar energy by 2022 requires joint efforts in order to reduce the cost of finance and technology for massive production of solar energy.

“Many firms of Australia and Japan are keen to invest in India in the solar energy sector. The Minister emphasized on the need for sending market signals so that more funds are invested in R&D in solar energy. India has set a target to generate 100 GW solar energy by 2022 for increasing share of carbon-free energy in the energy mix,” he said.

Further, the minister also highlighted the support given by ISA to all the country for development of a prosperous, energy secure and sustainable world for the betterment of the people and their future.

The minister stated that the cost of renewable energy is inversely proportional to the amount of its generation in India. As the country proceed with more generation of renewable energy the costs of development will gradually reduce.

He said, “Fossil fuel is not going to last forever even if its resources are managed in the best possible manner. The use of shale gas and oil is limited and it adversely impacts the environment. The threat of climate change has become a reality and it has affected the bio-diversity of the planet. Imbalanced use of energy is the root cause of many environmental problems in different parts of the world. It is causing unprecedented heat wave conditions in Europe, intensity and frequency of typhoons have also increased.”

Source: INA