4th Global RE-INVEST Secures Rs 32.45 Lakh Crore in Investments: Minister Pralhad Joshi
The 4th Global Renewable Energy Investors' Meet and Expo (RE-INVEST) attracted investment commitments totaling Rs 32.45 lakh crore by 2030, Union Minister for New and Renewable Energy, Pralhad Joshi, announced. The minister highlighted significant commitments from renewable energy developers and manufacturers in various sectors, marking a crucial step toward India's clean energy future.
Speaking at a press conference, Joshi disclosed that developers have pledged to contribute an additional 570 GW of renewable energy capacity, while manufacturers have committed to enhancing their capacities, including 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers.
“This is a major commitment by states, developers, banks, and financial institutions, demonstrating a collective effort towards a cleaner and sustainable India”, said the minister. He noted that the renewable energy sector has made remarkable progress during the first 100 days of the new government under Prime Minister Narendra Modi’s leadership.
The minister also underscored PM Modi’s pivotal role in leading the country toward the ambitious target of 500 GW of non-fossil fuel energy capacity by 2030, positioning India as a global leader in renewable energy. “This target is not just a number but a serious commitment by the government”, Joshi emphasized, urging industry leaders to collaborate on what support is required from the government to achieve it.
During a CEO roundtable chaired by the minister, executives provided input on scaling up manufacturing capacities, ensuring effective enforcement of Renewable Purchase Obligations (RPO), embedding circularity principles, and enhancing the climate resilience of renewable energy projects.
India has made significant strides in solar energy manufacturing. In 2014, the country’s installed solar PV module manufacturing capacity was around 2.3 GW, and the installed solar PV cell manufacturing capacity was 1.2 GW. As of now, these capacities have surged to 67 GW and 8 GW, respectively.
India is on track to meet its renewable energy targets, aiming for net-zero carbon emissions by 2070, supported by strong policy measures and international partnerships. The country has updated its targets to reduce the emissions intensity of its GDP by 45 percent from 2005 levels by 2030, while also committing to generate 50 percent of its electric power from non-fossil fuel sources by the same year.
Minister Joshi highlighted that India remains the only G20 country to have achieved its Paris Climate Agreement targets ahead of schedule, further cementing its position as a global leader in renewable energy.
