India Needs Rs 30 Lakh Cr Investment To Achieve 500 GW Renewables By 2030

India requires an investment of Rs 30 lakh crore to achieve its target of 500 GW of renewable energy by 2030, Union Minister for New and Renewable Energy Pralhad Joshi said here on Monday.

He made the remarks at the curtain raiser press conference ahead of the fourth edition of the RE-INVEST 2024 summit. Prime Minister Narendra Modi is set to inaugurate the event on September 16, which aims to explore the future of renewable energy through discussions on key trends, emerging technologies, and global policy frameworks.

Joshi stated that the summit aims to secure the investment needed to achieve the renewable energy target. "India requires an investment of Rs 30 lakh crore to achieve its target of 500 GW of renewable energy by 2030," the minister told reporters.

Joshi highlighted that this is the first time the Re-Invest summit will be held in Gujarat, noting, "Gujarat is the right place to organise the conference to achieve the 500 GW renewable energy target by 2030," citing the example of the state's Vibrant Gujarat initiative. He further informed that India currently has a renewable energy capacity of 203 GW.The minister outlined that the event will feature approximately 40 sessions, including a Chief Ministerial Plenary, a CEO Roundtable, and several state, country, and technical sessions.

Organised by the Ministry of New and Renewable Energy (MNRE), the summit aims to foster global collaboration, drive investment, and inspire innovation in the renewable energy sector, the ministry said in a statement

The event will feature approximately 25,000 delegates, including energy ministers, investors, policymakers, and industry experts from around the world.

With global renewable energy capacity reaching 3,870 GW and India achieving 200 GW of installed non-fossil power capacity in 2024, Re-Invest 2024 represents a critical opportunity to advance global renewable energy efforts and strengthen international ties, the ministry said.

The event aims to provide a unique platform for stakeholders--including energy ministers, independent power producers, transmission companies, utilities, financing firms, academic institutions, and think tanks--to collaborate, exchange ideas, and explore new opportunities, the minister said.

The summit will also feature an exhibition with over 200 exhibitors from the public and private sectors, showcasing cutting-edge technologies and innovative solutions in renewable energy. This segment of the event is designed to provide valuable networking opportunities and highlight advancements in renewable energy technology and services.

Earlier in the day, Minister Joshi reviewed the preparations for the event at the Mahatma Mandir and received a briefing from officials.

During the press conference, Joshi mentioned states have been asked to bring 'shapath patra' (commitment paper) outlining their targets in the Renewable Energy sector.

Several states, including Rajasthan, Andhra Pradesh, Maharashtra, Karnataka, and Uttar Pradesh, have confirmed their presence at the summit.

Joshi further stated that Germany, Denmark, Australia, and Norway are the country partners for the event. Additionally, delegations are expected from Australia, Denmark, Germany, Norway, Singapore, Hong Kong, the USA, the UK, Belgium, the European Union, Oman, the UAE, and many more. (ANI)