The requirement of such huge funds comes against the backdrop of Prime Minister Narendra Modi’s commitment at COP26 last year to achieve 500GW of installed renewable energy capacity by 2030 and net zero carbon emission by 2070. ![]() In September, REC said that the government is considering DFI status for the company, which would be the financial company to steer global climate funding and net zero investment in the country.Īccording to estimates, there is a requirement of around $3.5 trillion by FY50 and around $10 trillion by 2070 for transitioning towards a net-zero economy. Recently, Power Finance Corporation Ltd and REC Ltd, which are under the administrative control of the union ministry of power, also applied for the DFI status with a view to supporting India’s net zero goals. Queries sent to the ministry of new and renewable energy and Ireda on Sunday evening remained unanswered till press time.
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