Renewable energy: PM invites global firms to invest in India’s green energy transition

Virendra Pandit

New Delhi: Prime Minister Narendra Modi on Monday invited global companies to invest in India’s ongoing green energy transition where, his minister Prahlad Joshi, said USD 386 billion worth of investments have already been committed.

Inaugurating the Fourth Global Re-Invest Renewable Energy Investors’ Meet, in Gandhinagar, PM Modi said India was the “best bet” for investors in the 21st century.

“India’s diversity, scale, capacity, potential, and performance are unique. So, I say Indian solutions for global applications. The world feels that India is the best bet in the 21st century.”

PM Modi said “India is a guarantee for better returns if you’re looking to expand. There is no better place for investments and innovation (in renewable energy)…I invite you all to invest in India’s green transition.”

He said India is the only country among G20 nations to fulfill all the climate commitments made in Paris nine years before the deadline. A developing nation has achieved what developed nations could not. “For achieving a 500 GW renewable energy target by 2030, we are working at multiple levels.

“We are making this green transition a people’s movement,” he said in the presence of the chief ministers of Andhra Pradesh, Rajasthan, Goa, Chhattisgarh, and Madhya Pradesh.

“Today, India is preparing a base for the next 1,000 years. Our aim is not just to reach the top, but to sustain our position there,” he said, adding that India is also aware that it is not energy independent. “So, we have decided to fuel our future using solar, wind, nuclear, and hydropower.”

About his government’s ongoing “PM Surya Ghar– Muft Bijli Yojana,” which funds families to set up solar rooftops, PM Modi said 1.30 crore families registered under the scheme, and 3.25 lakh households have installed solar rooftops. Ayodhya was being turned into India’s first model solar city, he said, adding his government planned to build 17 solar cities in India where all services and utilities would run on solar power.

India was also trying to be a global leader in green hydrogen, he said, adding the country has already achieved 200 GW of non-fossil energy capacity.

Addressing the event, Union Minister for New and Renewable Energy (MNRE) Prahlad Joshi said leading banks and financial institutions have committed nearly USD 386 billion (Rs 32.45 trillion) worth of investments in the development of renewable energy projects by 2030.

Since 2014, he said, India’s renewable energy capacity addition has grown by 175 percent and renewable energy generation by 86 percent.

“India is not only the fifth largest but also the world’s fastest-growing economy. The growth is driving an unprecedented energy demand. We are committed to meeting this demand, sustainably,” Joshi said.

India’s solar energy capacity has grown by 33 times since 2014, he said as he cited the PM Suryaghar Yojana.

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

“The solar manufacturing community has committed 340 Gw of solar module manufacturing capacity, and 240 Gw of solar cell capacity by the end of the decade. Wind developers have committed 22 Gw of manufacturing capacity,” Joshi said.

Joshi said India has built 200 Gw of renewable energy capacity and is on path to achieve 500 Gw by 2030. This target is one of India’s commitment on global platforms including G20 and to the UNFCC.