Multilateral agencies should dedicate 10-30 per cent of their credit to the renewable energy sector with lower borrowing costs, said New and Renewable Energy Secretary Upendra Tripathy.
"For promoting renewable energy, what multilateral agencies have to do... Create 10-30 per cent portfolio of total credit exposure which must go to the renewable energy sector. It is easy to find money, but the problem is cost of capital," Tripathy said addressing a session organised by the World Business Council for Sustainable Development (WBCSD).
He further said the main challenge (to meet renewable energy targets) comes from the capital requirement of USD 200 billion in over seven years.
India targets 175 GW of renewable energy capacity by 2022, which includes 100 GW of solar, 60 GW of wind, 10 GW of biomass-fired and 5 GW of small hydro power.
Tripathy also sought support of WBCSD for International Agency for Solar Policy & Application, which brings together "sunshine countries" located between the tropics of Cancer and Capricorn, to take the initiative forward.
On this occasion, WBCSD launched an innovative renewable energy programme in India as part of a series of national dialogues being held across the world in September and October.
The interactive session today brought together leading business figures and Indian policymakers to help drive low-carbon technology solutions forward ahead of COP21, the upcoming UN global climate negotiations in Paris this December.
"Ahead of the UN climate conference in Paris this year, we are working with the world's most forward-thinking companies to develop new and innovative low-carbon solutions that can address the climate challenge," WBCSD President and CEO Peter Bakker said.
"Today's announcement shows that businesses around the world are taking decisive steps to combat climate change, and they see the commercial value of investing in a low-carbon world," he added.
