(MENAFN- KNN India)
New Delhi, Sep 16 (KNN) In a significant development for India's renewable energy sector, major banks and financial institutions have committed to invest approximately USD 386 billion in renewable energy projects by 2030, according to Union Minister of New and Renewable Energy (MNRE) Pralhad Joshi.
The announcement was made during the opening ceremony of the 4th RE-Invest Summit, jointly organised by MNRE and the Confederation of Indian industry (CII).
Minister Joshi highlighted the substantial growth in India's renewable energy sector since 2014, citing a 175 per cent increase in capacity addition and an 86 per cent rise in generation.
Notably, the country's solar energy capacity has expanded 33-fold over the past decade.
Addressing India's position as the world's fifth-largest and fastest-growing economy, Joshi emphasised the nation's commitment to meeting its rising energy demand through sustainable means.
He referenced the recently launched PM Suryaghar Yojana scheme for rooftop solar installations, reporting that approximately 3.5 million installations have been completed to date.
The government's ambitious target of 500 gigawatts (GW) of renewable energy capacity by 2030 has been met with enthusiasm from the industry.
Joshi revealed that commitments from the solar power sector alone have exceeded this goal, reaching 570 GW.
Additionally, solar manufacturers have pledged to establish 340 GW of module manufacturing capacity and 240 GW of cell manufacturing capacity by the end of the decade. The wind energy sector has also committed to 22 GW of manufacturing capacity.
A key feature of the summit was the submission of 'Shapath Patras' (commitment letters) by various stakeholders, including project developers, equipment manufacturers, and financing entities.
These documents outline their respective commitments to developing or funding various aspects of the renewable energy supply chain.
Minister Joshi reaffirmed India's progress towards its renewable energy goals, stating that the country has already achieved 200 GW of capacity and is on track to reach the 500 GW target by 2030.
This objective aligns with India's commitments made on global platforms, including the G20 and the United Nations Framework Convention on Climate Change (UNFCCC).
The substantial investments and industry commitments underscore India's determined efforts to transition towards a more sustainable energy future, positioning the country as a significant player in the global renewable energy landscape.
(KNN Bureau)
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