Pralhad Joshi Announces ₹32.45 Lakh Crore Investment for Renewable Energy Sector at RE-INVEST 2024
Union Minister for New and Renewable Energy, Pralhad Joshi, announced on Monday that India has received a staggering ₹32.45 lakh crore ($386 billion) commitment from banks, financial institutions, and other stakeholders to support the country's ambitious goal of achieving 500 GW of renewable energy capacity by 2030
Addressing the inaugural session of the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar, Gujarat, Joshi stated that the government has received overwhelming commitments from states, union territories, developers, manufacturers, and financial institutions to help meet this target
The minister revealed that developers have committed an additional 570 GW of renewable energy capacity, while manufacturers have pledged to set up 340 GW of solar module manufacturing and 240 GW of solar cell production by 2030. Wind turbine manufacturers have also committed to an additional 22 GW of manufacturing capacity
Joshi also highlighted the significant progress India has made in the renewable energy sector under Prime Minister Narendra Modi's leadership. He noted that the country's installed renewable energy capacity has increased from 75.52 GW in March 2014 to over 207.7 GW currently, a remarkable 175% growth in just 10 years. During this period, total renewable energy generation has also increased by 86%, from 193.50 billion units (BU) to 360 BU
The minister emphasized that India is committed to meeting the growing energy demand sustainably and is on track to achieve its target of 500 GW of renewable energy capacity by 2030. He stated that the country requires an investment of around ₹30 lakh crore to reach this goal
RE-INVEST 2024, which is being held for the first time in Gujarat, is recognized globally as a leading platform for bringing together key stakeholders in the renewable energy sector, including government officials, industry leaders, investors, researchers, and policymakers. The three-day conference is expected to draw over 10,000 delegates and feature approximately 40 sessions, including a Chief Ministerial Plenary, a CEO Roundtable, and technical sessions
The event underscores the Government of India's high priority for accelerating the clean energy sector and advancing the country's climate goals. With the overwhelming commitment of funds and support from various stakeholders, India is well-positioned to become a global leader in renewable energy and drive the transition towards a sustainable energy future.
