Union Budget 2024-25: Here're key challenges in renewable energy sector

Key challenges
 

RBI’s stipulation of priority sector lending which is restricted to loans up to Rs 30 cr isn’t helping RE firms

Faster closure of bidding process till power purchase agreement is signed with selected developers 

Adherence to renewable purchase obligations across states are lacking

Local manufacturing (wind, solar) to be scaled up to compete with global majors on quality, price

Industry ask

Encourage green financing to enable sustainability linked funds 

Support collaboration academia-industry on cleantech manufacturing 

Assist enablement of world quality products through periodic updates to standards, testing and certifications of new products 

Review intra-sectoral budgetary allocation in light of growing need for state support towards pumped storage projects

 

For the next wave of growth, the Indian renewable energy industry is keen to serve global markets and not be content to meet the country’s growing energy needs”

- Sambitosh Mohapatra, Partner and leader, ESG, Climate and Energy, PwC India