Gandhinagar, Sep 16 (UNI) Union Minister for New and Renewal Energy Pralhad Joshi on Monday said banks and other financial institutions have pledged additional R. 32.45 lakh crore financing by 2030 to build infrastructure in the Renewal Energy sector.
Addressing the inaugural session of RE-Invest 2024 summit at Mahatma Mandir, Gandhinagar, Gujarat, Joshi said, “Banks and financial institutions have committed additional $386 billion (Rs. 32.45 lakh crore) of financing by 2030.”
“Developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, 10 GW in electrolyser,” he noted.
The Union Minister said, “This is the speed, scale and scope with which new India is moving towards its vision of Viksit Bharat by 2047. Recounting the steps taken by the ministry in energy transition, and expanding the sector, “I am proud to recount that there has been a 76% decrease in tariff for grid-connected solar power plants, he said..
“Our installed renewable energy capacity has increased from 75.52 GW in March 2014 to more than 207.7 GW now. That is a phenomenal 175% increase in 10 years” he added.
The Minister informed that during this period, the total RE generation in India has increased by 86%, from 193.50 billion units to 360 BU.
Talking about the initiatives undertaken by the government in Renewal Energy, Pralhad Joshi said, “In line with PM Modi vision, the Ministry of NRE is moving towards 500 GW of installed electricity capacity from non-fossil sources by 2030″.
The Minister said India is not only the 5th-largest but also one of the world’s fastest-growing economies…adding that this growth is driving an unprecedented demand for energy and “we are committed to meeting this demand sustainably, with remarkable advancements in renewable energy”.
He said that the country successfully reduced the emissions intensity of its GDP by 33% between 2005 and 2019, well in advance of the targe by 2030.
The three-day summit is being organised to showcase India’s remarkable achievement of over 200 GW of installed non-fossil fuel capacity.
It is also poised to highlight India’s impressive progress in renewable energy manufacturing and deployment.
The fourth edition of the RE-Invest event, being organised outside Delhi for the first time, is hosting 44 sessions along with Chief Ministers Plenary and multiple CEO roundtables.
