RE-INVEST 2024: Major Banks Pledge INR 32.45 Lakh Cr for RE Projects by 2030, Says Joshi
At the 4th RE-Invest Summit, Union Minister Pralhad Joshi announced that major banks and financial institutions have pledged INR 32.45 lakh crore for India's renewable energy projects by 2030, while solar and wind sectors committed significant manufacturing capacity expansions.
September 17, 2024. By EI News Network
Minister Joshi highlighted India’s impressive progress in the renewable energy sector over the past decade. He noted that the country's renewable energy capacity has increased by 175 percent since 2014, with energy generation rising by 86 percent. A standout achievement is the solar energy sector, which has seen its capacity grow by a remarkable 33-fold in the last ten years, cementing India's position as a global leader in clean energy.
Addressing the summit, Joshi emphasised India's position as the world's fifth-largest and fastest-growing economy. He stressed the nation's focus on meeting its burgeoning energy demand through sustainable solutions, reaffirming India’s role in the global shift toward renewable energy.
Discussing government schemes, he referred to the recently launched 'PM Suryaghar Yojana', which promotes rooftop solar installations. He further disclosed that the scheme has already resulted in the completion of 3.5 million rooftop solar projects, contributing significantly to India’s renewable energy landscape.
India’s ambitious target of achieving 500 gigawatts (GW) of renewable energy capacity by 2030 has received a positive response from the industry. Minister Joshi revealed that commitments from the solar power sector alone have already surpassed this goal, with pledges totaling 570 GW.
Moreover, solar manufacturers have committed to establishing 340 GW of module manufacturing capacity and 240 GW of cell manufacturing capacity by the end of the decade. The wind energy sector has also made significant commitments, with plans to add 22 GW of manufacturing capacity.
A major highlight of the summit was the submission of 'Shapath Patras' (commitment letters) by various stakeholders, including project developers, equipment manufacturers, and financial institutions. These documents formalize their respective commitments to developing or funding various aspects of the renewable energy supply chain, signaling a unified effort toward achieving India’s green energy objectives.
Minister Joshi reaffirmed India's steady progress toward its renewable energy goals, stating that the country has already achieved 200 GW of capacity and is on track to meet the 500 GW target by 2030. This milestone aligns with India’s international commitments, including those made at the G20 and the United Nations Framework Convention on Climate Change (UNFCCC).
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