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The proposed Renewable Energy Act has mooted the idea of creating a National Renewable Energy Fund (NREF) to support the development of renewable energy in India.
The draft of the Act, now put up for public comments, says that the “initial corpus and regular income to the Fund” would come from the National Clean Energy Fund. It says that a certain percentage of the National Clean Energy Fund should come annually to the proposed NREF.
The National Clean Energy Fund has a corpus of over Rs 17,000 crore, formed by the coal cess-Rs 200 levy on every tonne of coal mined in India or imported.
The NREF would be used for supporting all the objectives of the Act, the draft says. It mentions funding for R&D, resource assessment, demonstrations and pilot projects, low cost financing, investments for skills development, supporting RE technology manufacturing, infrastructure development, promoting all forms of decentralised renewable energy.
“State Governments may also establish a State Green Fund for the promotion of renewables. The Ministry of New and Renewable Energy “may offer a starting corpus” to such State Green Fund(s) from the National Renewable Energy Fund,” says the draft.
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