CEA Chief warns of energy transition challenges, calls for faster financing solutions

 CEA Chief warns of energy transition challenges, calls for faster financing solutions

Prasad emphasized the urgent need for faster, innovative financing mechanisms and a focus on domestic manufacturing to ensure energy security.

New Delhi: India's transition to renewable energy requires an estimated ₹45 lakh crore in financing by 2030, Ghanshyam Prasad, Chairperson of the Central Electricity Authority (CEA), said at the Economic Times Energy Leadership Awards. With current financial models and approval delays, the sector faces domestic stress, especially as reliance on imported technologies persists. Prasad emphasized the urgent need for faster, innovative financing mechanisms and a focus on domestic manufacturing to ensure energy security. "We cannot depend on imports; we need homegrown solutions," he said.

Prasad stressed the need to quickly improve energy storage technologies, particularly hydro pump storage and battery energy systems, to support India's growing renewable energy ambitions. He highlighted that India’s solar capacity is expected to grow from 85 GW to 300 GW by 2030, and up to 1,200 GW by 2047, placing immense pressure on transmission lines and grid management. "Without efficient storage and grid systems, managing the transition will be extremely challenging," he added.

Prasad also underscored the challenges India faces in integrating imported technology. He pointed to the issues with wind turbines, which were not fully aligned with Indian environmental conditions. "We must ensure that technology adopted from other countries is customized to fit Indian requirements," Prasad said, suggesting that a tailored approach could prevent further setbacks in the sector.