India’s 500 GW RE Goal Needs INR 30 Lakh Crore

Union Minister for New and Renewable Energy, Pralhad Joshi, announced on Monday that India needs an investment of INR 30 lakh crore to meet its ambitious target of achieving 500 GW of renewable energy capacity by 2030.

He disclosed this while talking to the media in Gandhinagar. Joshi also noted that India currently has 203 GW of renewable energy capacity, underscoring the country's ongoing efforts to transition towards a cleaner energy future. He further said, "The Ministry of New and Renewable Energy (MNRE) is organising the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) from 16 to 18 September 2024 in Mahatma Mandir, Gandhinagar, Gujarat.”

He further informed that Prime Minister Modi will inaugurate the investment meet and exposition on September 16, and the valedictory session will be chaired by the Vice President of India, Jagdeep Dhankar.

He added that the upcoming RE-INVEST 2024 will explore the future of renewable energy by focussing on key trends, emerging technologies, and policy frameworks shaping the global renewable landscape. Highlighting the significance of hosting the event in Gujarat, Joshi stated, “We thought that Gujarat is the right place to organise the conference to achieve the 500 GW renewable energy target by 2030,” citing the example of the Vibrant Gujarat summits. He emphasised that this is the first time the RE-INVEST conference will be held in Gujarat after three successful editions, including one virtual event and two in Delhi.

The Minister also announced that Australia, Denmark, Germany, and Norway are the partner countries for this year's event, with Andhra Pradesh, Gujarat, Madhya Pradesh, Telangana, Rajasthan, Karnataka, and Uttar Pradesh serving as partner states. Emphasising the collaborative nature of the event, he said, “The event will also have various State governments giving their firm commitments in the form of Shapath-Patra specifying their plans/targets for the renewable energy sector. All major banks and financial institutions will also be giving Shapath Patra about their proposed loans and funding in the renewable energy sector; apart from this, the Shapath Patra will also be given by developers, manufacturers, private equity investors, and top vendors.”

Delegations from numerous countries, including Australia, Denmark, Germany, Norway, Singapore, Hong Kong, the USA, the UK, Belgium, the European Union, Oman, and the UAE, are expected to participate. The event will comprise a two-and-a-half-day conference covering renewable energy, innovative financing, green hydrogen, future energy choices, capacity building, and an exhibition featuring renewable-related manufacturers, developers, investors, and innovators.

Joshi mentioned that over 10,000 delegates are expected to attend, with the conference featuring 44 sessions, including a Chief Ministerial Plenary, a CEO Roundtable, and multiple state, country, and technical sessions. “There will be a session on startups,” the Minister stated, signalling the importance of innovation and new ventures in driving the renewable energy sector forward.

Key attractions include a special session on “Women as Leaders in Accelerating Energy Transition: Challenges and Opportunities” and another on startups, where 10 Solar X Challenge India winners will pitch for investments.

A dedicated exhibition at the event will showcase the latest renewable energy technologies and solutions, providing participants with a glimpse into the cutting edge of the industry.