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Renewable Energy | February 08, 2012
#14954

Banks told to up loans to renewable energy sector

Union Minister of New and Renewable Energy Farooq Abdullah has recently urged the banking sector to scale up lending to renewable energy projects especially those aimed at providing energy access in remote areas and to disadvantaged rural communities.
 
 Speaking at a high-level panel discussion organised in New Delhi to mark the ÔÇťAsian rollout of the International Year of sustainable Energy for All, Farooq Abdullah said that certain risks are essential to achieve growth and development.
 
 Highlighting the progress India has achieved in the field of wind and solar power, the Minister said that despite this a large number of people in the country still lack access to commercial energy. He emphasised the role of renewable energy in providing energy access to these rural communities and said that it could be the biggest driver for inclusive growth.
 
 He said the development of renewable energy can substantially help in reducing consumption of kerosene and diesel.

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