Government of India plans to set up a green bank—the National Clean Energy Fund, by leveraging Rs 50 billion through an annual cess on domestic and imported coal. The bank will fund projects to generate electricity from wind, solar, tidal waves and other renewable sources, which currently contribute about 6,000 MW out of about the approximately 150,000 MW that India generates. The fund set up by Pranab Mukherjee, Union finance minister, in the Union budget for 2010-11, is expected to raise about Rs 45-50 billion in this fiscal year. The bank, proposed by the Ministry for Non-Renewable Energy (MNRE), will be linked with the Indian Renewable Energy Development Agency (IREDA). Moreover, the ministry may even consider converting IREDA into a green bank. MNRE also expects rapid expansion of renewable energy projects, especially related to solar power in the country, that will require dedicated funding.
Govt to set up green bank for renewable projects
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