Banks and financial institutions to invest Rs 32.5 trillion in renewable energy by 2030: Center

One of the most important events of the 4th edition of RE-Invest is the submission of the application for “Shapath Patra”.

2 minutes of reading Last update: Sep 16, 2024 | 12:01 PM IST

Leading banks and various financial institutions have pledged to invest close to $386 billion (Rs 32.45 trillion) in developing renewable energy projects by 2030, Minister for New and Renewable Energy (MNRE) Pralhad Joshi said on Monday.

He was speaking at the opening ceremony of the 4th RE-Invest Summit hosted by MNRE and CII.

Joshi added that since 2014, renewable energy capacity addition in India has increased by 175 per cent and renewable energy production has increased by 86 per cent.

“India is not only the world’s fifth largest economy but also the fastest growing. This growth is fuelled by an unprecedented demand for energy. We are committed to meeting this demand in a sustainable manner,” Joshi said.

He added that India’s solar power capacity has increased 33-fold since 2014. The minister also referred to the recently launched rooftop solar panel scheme, PM Suryaghar Yojana, and said that close to 3.5 million installations have been completed so far.

Joshi said that while India aims to generate 500 gigawatts (GW) of renewable energy by 2030, the ministry has received commitments from the solar industry worth 570 GW.

“The solar community has committed to producing 340 Gw of solar modules, 240 Gw of solar cells by the end of the decade. Wind developers have committed to producing 22 Gw,” Joshi said.

One of the highlights of the 4th RE-Invest was the submission of “Shapath Patras” by renewable energy project developers, equipment manufacturers, the financing sector and public sector companies. These “Shapath Patras” would seek the involvement of these stakeholders in building or financing a renewable energy supply chain.

Joshi said India has built 200 Gw of renewable energy capacity and is on track to achieve 500 Gw by 2030. This target is one of India’s commitments at global platforms, including the G20 and UNFCCC.

First published: Sep 16, 2024 | 11:35 AM IST