GANDHINAGAR — The global Renewable Energy Investors' Meet and Expo (RE-INVEST) drew investment commitments worth INR 32.45 lakh crore by 2030, Union Minister for New and Renewable Energy, Pralhad Joshi, said on Tuesday.
Addressing a press conference here, the minister informed that developers have committed an additional 570 GW, and manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers.
"This is a big commitment by the states, developers, banks and financial institutions to join hands and work together for a cleaner and sustainable India," he said.
The renewable energy sector made significant strides in the first 100 days of the new government under Prime Minister Narendra Modi.
"Now, PM Modi is not only leading our country towards the 500 GW target but also is a beacon of hope for the globe," the minister added.
Minister Joshi also chaired a CEO roundtable, where he emphasised that 500 GW is not just a number and the government is serious about it.
"Therefore, the CEOs must share what the facilitation required from the government."
The CEOs provided inputs for ramping up the manufacturing, creating demand with effective enforcement of Renewable Purchase Obligations (RPO), embedding circularity principles, and enhancing the climate resilience of the projects.
Installed solar PV module manufacturing capacity in India in 2014 was around 2.3 GW and installed solar PV cell manufacturing capacity was around 1.2 GW.
"Installed solar PV Module manufacturing capacity in India, as of now, is around 67 GW and the installed solar PV cell manufacturing capacity as of now is around 8 GW," the minister informed.
The country aims to achieve net-zero carbon emissions by 2070, focusing on renewable energy expansion, and plans to reach 500 GW of non-fossil fuel energy capacity by 2030.
According to the minister, the country’s renewable energy journey is supported by strong policy backing and international partnerships.
PM Modi has said that India is the only G20 country to have ensured that the pledge towards creating a green planet made at the Paris Climate Change Summit in 2015 was fulfilled even before the deadline. The country has now updated its targets to reduce emissions intensity of its GDP to 45 per cent by 2030 from the 2005 level, and cumulative electric power installed capacity from non-fossil fuel-based energy resources to 50 per cent by 2030.