New Delhi: The government on Wednesday approved
setting up of a National Clean Energy Fund (NCEF), that would
invest in entrepreneurial ventures as research activities in
clean energy technologies.
The fund was approved by the Cabinet Committee on
Economic Affairs, headed by Prime Minister Manmohan Singh.
The Finance Bill (2010-11) had provided for creation of
"NCEF will be used for funding research and innovative
projects in clean energy technologies. Any project or scheme
for innovative methods to adopt to clean energy technology and
research & development shall be eligible for funding," an
official statement said.
An Inter Ministerial Group (IMG) has been constituted to
approve projects/schemes eligible for financing under NCEF.
Finance Secretary would be the Chairperson of the IMG.
In recent times, there has been increased interest in
clean energy projects worldwide. Going by estimates, India
attracted about USD 4 billion private investments for clean
energy projects in 2010.