After solar, energy storage will drive India’s next big clean energy revolution: Navin Mittal
Hyderabad, Apr 10 : The second edition of the FICCI Net Zero Forum – “Pathways to a Climate-Responsible Future” held at The Park, Raj Bhavan Road, Hyderabad, on Friday, bringing together policymakers, industry leaders, sustainability experts, financial institutions, and technology innovators.
Pralhad Venkatesh Joshi, Union Minister for the Ministry of New and Renewable Energy, Government of India, in his video message at the inaugural, emphasized that India is firmly resolved to lead the global transition towards net-zero emissions.
Reinforcing this national commitment, the Supreme Court of India recently observed that India’s transition from fossil fuels to non-fossil (renewable) energy is a “fundamental necessity,” not merely a policy choice, underscoring the urgency and inevitability of this shift.
India’s journey towards energy Atmanirbharta (self-reliance) is no longer aspirational but is being actively delivered through decisive policy action and rapid capacity expansion, the Minister said.
Today the Minister added, India stands as the third-largest country globally in solar power capacity, after China and the United States. The country has achieved a significant milestone, with approximately 50–55% of its installed electricity capacity coming from non-fossil fuel sources, including solar, wind, hydro, and nuclear energy.
A landmark achievement in this transition is India reaching around 150 GW of installed solar power capacity, positioning it among the top three solar power nations globally and strengthening its role as a major clean energy leader.
Highlighting the economic dimension, Minister Joshi noted that India’s progress towards net-zero emissions could generate approximately 51 lakh (5.1 million) green jobs over the next four years, reflecting the strong linkage between climate action and economic growth.
He further emphasized that the FICCI Net Zero Forum will play a crucial role in mobilizing stakeholders, driving investments, and fostering collaboration, helping India set a global benchmark for sustainable development.
Gareth Wynn Owen, British Deputy High Commissioner in Hyderabad, who was the chief guest and inaugurated the conference underscored that strong global partnerships and collaborative action are essential to achieving climate goals and advancing sustainable development.
Highlighting deepening UK–India cooperation, he referred to significant investments such as a £1 billion (approx. USD 1 billion) UK-backed project in Vijayawada, Andhra Pradesh, as a testament to growing clean energy collaboration. He noted that both countries are aligned under the leadership of their Prime Ministers, with a shared vision towards long-term climate targets, including 2035 ambitions.
He also highlighted key bilateral initiatives such as the UK–India Green Grid Initiative, ongoing green energy dialogues, and the work of the UK–India Task Force, which are accelerating cooperation in clean technologies and energy transition.
Stressing that climate finance remains the biggest challenge, he expressed optimism that India and the UK can work more closely to unlock and scale global finance for net-zero initiatives, and called for enhanced access to international climate finance.
Navin Mittal, IAS, Principal Secretary, Department of Energy, Government of Telangana, in his keynote address, reaffirmed Telangana’s strong commitment to clean energy transition and outlined policy priorities to accelerate renewable energy adoption and industrial decarbonization.
He highlighted that following India’s solar revolution, the next major transformation will be driven by energy storage, which will play a critical role in ensuring reliability and efficiency in renewable systems.
Drawing attention to current energy consumption patterns, he noted that India consumes nearly 150 billion litres of petrol and diesel annually, underscoring the urgent need for cleaner alternatives. He emphasized that solar-powered electric mobility can cost as low as ₹0.60 per kilometre, compared to approximately ₹10 per kilometre for fossil fuels and ₹2 per kilometre for conventional EVs.
Mr. Mittal also pointed out that nearly 75% of energy is lost in conventional systems, whereas electric mobility solutions achieve 80–90% efficiency, making them significantly more sustainable.
He further underscored the importance of industry collaboration, noting that platforms like the FICCI Net Zero Forum will play a crucial role in driving innovation and accelerating India’s transition to a low-carbon economy.
Delivering the Special Address, Rajesh Miglani, Senior Climate Business Specialist and Climate Anchor, IFC South Asia, World Bank Group, highlighted the critical role of climate finance, private sector participation, and innovative funding mechanisms in scaling sustainable solutions.
He shared that under the Country Partnership Framework (CPF), the World Bank Group plans to deploy US$8–10 billion annually, unlocking up to US$20 billion per year from private markets through blended finance instruments.
He further noted that IFC has a portfolio of approximately US$11.7 billion globally, and in FY25 alone, provided US$5.5 billion in financing in India, mobilising an additional US$3.4 billion from other investors, including investments in Telangana.
The International Finance Corporation, part of the World Bank Group, continues to support private sector-led development in Telangana across renewable energy, infrastructure, manufacturing, and financial services.
Faruk G Patel, Founder and CMD of KP Group of Companies, remarked that “Indian business today runs on electrons,” highlighting the growing shift towards electrification. He noted that India spends nearly US$137 billion on energy imports, and urged stakeholders to accelerate renewable energy adoption to enhance energy security and economic efficiency.
Dr Rambabu Co-Chairman of FICCI National Committee on Environment & Climate Change and Chief Sustainability Officer, Greenko Group, emphasized that energy transition is imperative to achieving net-zero goals, especially in a volatile geopolitical context.
He called for a shift from a “petrol-based economy” to an “electro-state”, highlighting India’s strengths while noting that energy storage remains a key challenge requiring urgent policy support. He also emphasized Telangana’s potential to emerge as a leader in this transition.
Dr Bondada Raghavendra Rao, Chairman, FICCI Telangana Sustainability Panel and Chairman & MD of Bondada Group, stated that while the transition presents challenges, it also offers significant opportunities. He affirmed that India’s net-zero targets are achievable, with industry playing a pivotal role.
VV Rama Raju, Chairman of FICCI Telangana State Council and Founder & MD of Gaia Engineering, highlighted key takeaways from the forum, including: Urgency of scaling climate finance and unlocking private capital; Role of technology and innovation in accelerating decarbonisation; Importance of policy alignment and regulatory clarity and Growing adoption of digital solutions for sustainability
The Forum served as a dynamic platform to accelerate India’s transition to a Net Zero economy, with strong emphasis on industry–policy convergence, clean energy adoption, and scalable climate solutions.
Over 200 delegates participated in the event. The Forum featured two panel discussions on: Net Zero Pathways: Technology, Energy Systems & Industrial Transition and Climate Finance, Carbon Markets & Green Investments
A dedicated workshop on AI and digital tools for Net Zero showcased innovations in carbon accounting, emissions tracking, and predictive analytics.
The Forum reaffirmed FICCI’s commitment to facilitating dialogue, partnerships, and actionable pathways to support India’s Net Zero ambitions while strengthening economic growth and resilience.
