Follow Us:
Thursday, September 23, 2021

G20 summit: India pledges to hike renewable energy output to 175GW by 2022

PM Modi offered seven points for consideration which include shift from 'carbon credit' to 'green credit' and increase in share of traffic on public transport in cities by 30 per cent by 2030.

By: PTI | Antalya |
Updated: November 15, 2015 9:15:02 pm
G20, G20 summit, india renewable energy, renewable energy, india news, G20 summit news, world news, BRICS Antalya: Prime Minister Narendra Modi at the BRICS meeting, on the sidelines of G20 Turkey 2015, in Antalya, Turkey on Sunday. PTI Photo

Pledging to quadruple India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies, Prime Minister Narendra Modi on Sunday asked world’s top economies to build support systems focused on nations that have the maximum growth potential. He also asked them to keep infrastructure financing in developing countries as a key priority.

In his lead intervention at G20 Working Lunch on Development and Climate Change, he offered seven points for consideration which include shift from ‘carbon credit’ to ‘green credit’ and increase in share of traffic on public transport in cities by 30 per cent by 2030.


“I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies,” he said, adding that the grouping of world’s top 20 economies including US and China must continue to focus on infrastructure.

Clean energy and environment friendly infrastructure, he said, will address both development and climate change. “Bridging the current gap in infrastructure finance in the developing countries should remain our key priority.

Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future,” he said. “Given our size and scale, India can become a pillar of global growth and stability.”

With India being the largest recipient of remittances in the world, Modi asked G20 to cut transaction cost for transferring money from abroad. “Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances,” he said.

The transaction cost which was about 10 per cent has come down to 7.5 per cent because of sustained campaign by India. The target is to bring it down to 3 per cent by 2030 but Modi wants this to be achieved earlier.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest India News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by