Thanks to our efforts, capacities have increased and prices of renewable energy have crashed: PM

PM Modi at the Inaugural Session of PETROTECH said energy is a key driver of economic growth. Sustainable, stable and reasonably priced energy is essential for the fruits of economic development to reach the bottom of the pyramid. He added “On one hand, to meet the increasing demand, we need affordable and reliable sources of energy. On the other, we must be sensitive towards the environment.”  The government has committed to produce forty per cent of the power from non-fossil fuel by 2030. I have set a massive target of 175 gigawatt of renewable energy by 2022. Thanks to our efforts, capacities have increased and prices of renewable energy have crashed said Modi. He added “We have also given a big thrust to LED lighting.”

Emphasizing on the use of natural gas, PM said natural gas is the next generation fossil fuel – cheaper, and less polluting. Natural gas will also have an important balancing role to play as India’s renewable energy production rises. To provide balance and peaking power, gas-based power will be critical.