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India and Germany on Monday launched a joint platform for accelerating investments in renewable energy both in India and globally.
The announcement was made during India's flagship renewable energy event, the three-day Global RE-INVEST Renewable Energy Investors' Meet & Expo, currently being held in Gandhinagar.
The new platform – India-Germany Platform for Investments in Renewable Energies Worldwide – is a key initiative under the joint "Green and Sustainable Development Partnership (GSDP)" between the two nations, aimed at significantly accelerating investments in renewable energy both in India and globally.
Germany's Federal Minister for Economic Cooperation and Development, Svenja Schulze, highlighted the importance of this collaboration, stating, "Today, Germany and India joined forces to launch the India-Germany Platform for Investments in Renewable Energies Worldwide. With this collaboration, we will push forward concrete solutions and partnerships for the expansion of renewable energies in India. And we will seek and open up new financing channels. All to support India in reaching the 500-gigawatt target by 2030. All to slow down climate change and to diversify supply chains for renewable energy."
Schulze further elaborated on the key elements of the platform, stating, "We will work together to support researchers in achieving technological advances and innovations. We will work together to promote women in the renewable energy sector in India - as an important element for a just and fair transition. And we will work together to provide renewable energy producers with easier access to affordable financing."
Union Minister of New and Renewable Energy, Prahlad Joshi, emphasised the significance of this partnership, saying, "It is a landmark initiative that we proudly unveiled today. Taking forward the momentum of RE-INVEST 2024, this is the first time that we both (India and Germany) have created dedicated investment mechanisms for enabling renewable energy initiatives."
He added, "India and Germany have a long-standing history of cooperation in mutual respect, shared values, and a common vision for sustainable work. Germany has been our trusted partner in India's renewable energy journey, bringing expertise in cutting-edge technologies and a strong commitment to clean energy development."
The India-Germany platform aims to develop sustainable solutions for the rapid expansion of renewable energy, the German embassy said in a statement.
It will foster business opportunities, attract investments, support technology transfer, and drive innovation. As per the statement, the platform is expected to help India achieve its ambitious target of 500 GW of non-fossil fuel electricity capacity by 2030.
The platform will also contribute to expanding renewable energy capabilities worldwide, ensuring the development of integrated, diversified and resilient supply chains to reduce reliance on unilateral energy sources.
The platform seeks to facilitate global supply chains that can meet both Indian and global demands, improve access to affordable finance, and support cutting-edge technological advancements in the renewable energy sector, the statement mentioned.
Co-led by India's Ministry of New and Renewable Energy and Germany's Federal Ministry for Economic Cooperation and Development (BMZ), the platform will bring together a diverse range of stakeholders, including national and international investors, governments, business associations, and multilateral development banks.
A Steering Committee, chaired by senior officials from both countries, will oversee the platform's progress, monitor results, and propose new projects in line with global renewable energy goals.
This initiative builds on the experience of the Indo-German Energy Forum, broadening its scope to include international stakeholders in a coordinated effort to triple renewable energy capacity globally. The platform will also be linked to India's biannual RE-INVEST conferences, creating a lasting institutional framework to support renewable energy investment and innovation. (ANI)
