Renewable Energy Investment

Union Minister of New and Renewable Energy (MNRE) Pralhad Joshi informed about the Rs 32.5 trillion investment in the RE-INVEST expo.

The financial institutions and banks in India are planning to invest Rs 32.45 trillion ($386 billion) for the growth of renewable energy projects by the year 2030. Union Minister of New and Renewable Energy (MNRE) Pralhad Joshi informed. 

He mentioned that since 2014, India's solar power generating capacity has increased by 33fold. Additionally, the minister highlighted the newly introduced program for solar panels on buildings, the PM Suryaghar Yojana, and noted that nearly 3,500 such installations have been finished so far.

India’s growth is driving energy demand: Joshi

“The solar manufacturing community has committed 340 Gw of solar module manufacturing capacity, and 240 Gw of solar cell capacity by the end of the decade. Wind developers have committed 22 Gw of manufacturing capacity,” Joshi said. 

“India is not only the fifth largest but also the world's fastest-growing economy. The growth is driving an unprecedented energy demand. We are committed to meeting this demand, sustainably,” Joshi said. 

Targets Set by Renewable Energy Ministry by 2030

According to InvestIndia, as of August 2024, renewable energy sources, encompassing significant hydropower, boast a total installed capacity of 199.52 GW. By 2030, India is targeting a renewable energy installed capacity of 500 GW.

It also added that the country is set to reduce carbon emissions by at least  45% by 2030 and to secure 50% of its total electricity generation from renewable sources by the same year.

The construction of 50 solar parks with 37.49 GW have been approved in India. The offshore wind Energy has set a target to reach a capacity of 30 GW by 2030.

4th Global RE-INVEST Renewable Energy Investors Meet & Expo

The Union Minister of New and Renewable Energy (MNRE), Pralhad Joshi informed about the renewable energy investment at the  4th Global RE-INVEST Renewable Energy Investors Meet & Expo. 

The RE-INVEST expo is conducted by the Ministry of New and Renewable Energy (MNRE) and is held from September 16 - 18. RE-Invest is an international network uniting major stakeholders in the green energy industry. The gathering will include representatives from government bodies,  industry leaders, investors, researchers, and policymakers. 

One of the major highlights of the 4th RE-Invest was the submission of ‘Shapath Patra’. The Shapath Patra was introduced by renewable energy developers, encompassing equipment makers, the financing sector, and public sector companies.