changeadminThe fourth Global Renewable Energy Investment Meet & Expo (RE-INVEST) which kick-started on 16 September came to a close on Wednesday. The event was focused on highlighting India’s progress in renewable energy and setting the roadmap for further development in the sector.
The RE-INVEST summit was organized under India’s Ministry of New and Renewable Energy (MNRE) in partnership with the Confederation of Indian Industry and the Indian Renewable Energy Development Agency (IREDA).
The three-day summit brought several government representatives from different parts of the world along with industrialists, innovators, and startup entrepreneurs from the renewable energy sector. Over 25,000 delegates and more than 350 companies participated in the event, representing Indian and global businesses.
On the concluding day, the Union Minister of New & Renewable Energy Pralhad Joshi, highlighted some of the key outcomes of the RE-INVEST summit.
Several Indian States have committed to 540 GW of renewable energy by 2030 with Gujarat leading with a commitment to add 128.60 GW by 2030. Andhra Pradesh and Maharashtra followed with pledges of 72.60 GW and 62.73 GW, respectively.
Renewable Energy Developers, both solar and wind, committed to adding 570 GW of installed capacity, and manufacturers and suppliers have also made substantial pledges to enhance production. This includes a commitment of Rs 32.45 lakh crore worth of investment that is expected to generate employment for 8.2 million people.
These projects will also need substantial funding so financial institutions have also come forward and demonstrated strong support by committing Rs 25 lakh crore. Major banks and financial institutions such as REC, IREDA Limited, and the State Bank of India are leading this effort.
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