RE-Invest 2024 Showcases India’s Path to 500 GW Non-Fossil Fuel Capacity
New Delhi: In a groundbreaking announcement, Minister of New and Renewable Energy, Pralhad Joshi, revealed on Tuesday that an unprecedented investment of ₹32.45 lakh crore has been pledged by various stakeholders to support India’s ambitious green energy transition by 2030.
Speaking at a press briefing during the RE-Invest 2024 Investors Meet and Expo in Gandhinagar, Gujarat, Joshi emphasized the significance of these commitments in achieving Prime Minister Narendra Modi’s vision of 500 GW energy capacity from non-fossil sources. “This remarkable show of faith from investors and partner countries will undoubtedly revolutionize our renewable energy sector,” Joshi stated, expressing gratitude for the collaborative effort.
The minister highlighted the enthusiastic response from state governments, which have collectively committed to a 520 GW capacity through their ‘Sankalp Patra’ declarations. Additionally, manufacturers have pledged substantial increases in production capacity: 340 GW for solar modules, 240 GW for solar cells, 22 GW for wind turbines, and 10 GW for electrolyzers.
Reflecting on recent accomplishments, Joshi outlined key initiatives undertaken by the ministry in the past 100 days. These include the completion of two solar parks and the installation of 100,000 solar pumps under the PM-KUSUM scheme. The PM Surya Muft Bijli Yojana has seen the successful implementation of 3.56 lakh rooftop solar systems.
In the manufacturing sector, a cumulative 13.8 GW of solar module production has commenced under the solar PLI scheme. The National Green Hydrogen Mission has selected 11 companies for electrolyzer manufacturing, while the cabinet approved India’s first offshore bid schemes with a total capacity of 1,500 MW per annum.
The RE-Invest 2024 summit, held outside Delhi for the first time, attracted over 7,000 registered visitors, including 250 diplomats. Germany, Australia, Denmark, and Norway participated as partner countries, while seven Indian states – Andhra Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh – joined as partner states.
This three-day event serves as a platform to showcase India’s remarkable achievement of surpassing 200 GW of installed non-fossil fuel capacity. It also aims to highlight the nation’s significant strides in renewable energy manufacturing and deployment.
The fourth edition of RE-Invest features a diverse program, including 44 sessions, a Chief Ministers’ Plenary, and multiple CEO roundtables. This comprehensive agenda underscores India’s commitment to fostering innovation and collaboration in the renewable energy sector, positioning the country as a global leader in sustainable development.
As India continues to make substantial progress in its green energy transition, events like RE-Invest 2024 play a crucial role in attracting investments, facilitating knowledge exchange, and accelerating the adoption of clean energy technologies across the nation.
