RT team
Prime Minister Narendra Modi has issued a strong invitation to global corporations to partake in India’s flourishing clean energy sector. In his address at the Global RE-Invest summit in Gandhinagar, Modi highlighted India as the prime location for clean energy investments, describing the country as the world’s fourth largest renewable market and a hub of lucrative opportunities for the 21st century.
The summit, orchestrated by the Ministry of New & Renewable Energy (MNRE) in collaboration with the Confederation of Indian Industry (CII), serves as a platform for fostering global partnerships in renewable energy.
Modi emphasized India’s potential, noting the significant trust and interest the world has in India’s capabilities. “India guarantees better returns on investments in green technologies, and there is no better place for innovation in this sector,” Modi stated.
On the sidelines, significant commitments were made by various stakeholders. New & Renewable Energy Minister Pralhad Joshi shared that developers have pledged an additional 570 GW, while manufacturers are set to enhance capacities across various segments including solar modules and wind turbines.
Furthermore, financial institutions have committed to funding upwards of $386 billion by 2030 to support these initiatives.
India has seen a dramatic increase in its installed renewable capacity, from 75.52 GW in 2014 to over 207.7 GW, marking a 175% growth. Notable contributions include the Adani Group’s commitment to a $48 billion investment by 2030 to augment its renewable capacity to 50 GW.
Other major pledges include Torrent Power’s investment plan of ₹64,000 crore in green energy projects expected to create 26,000 jobs, and the establishment of a Green Ammonia production facility investing ₹7,200 crore.
These commitments underscore India’s dynamic role in the global green energy transition, with Modi’s call at RE-INVEST 2024 encouraging further international cooperation and investment.
