India needs at least twice the amount of its current investment in clean energy, to meet its targets by 2030 - about Rs 1.5-2 trillion per year until 2030 to achieve the clean energy target.
That's a tall order, and banks can play a vital role in meeting this target.
A report by a committee of the Indian parliament has recommended a renewable finance obligation for banks and financial institutions in the country to ensure they invest a specific percentage of their investment in the renewable energy sector. This can make a significant difference to the earlier obligation that only mentioned investments in priority sectors, renewable energy being only one of them (and most banks conveniently skipped that sector in favour of others!)
