NEW DELHI: Union Minister of New and Renewable Energy (MNRE) Pralhad Joshi on Monday said the leading banks and various financial institutions have committed close to USD 386 billion investment in development of renewable energy projects by 2030.
Speaking at the inaugural ceremony of 4th RE-Invest Summit hosted by MNRE and CII, the minister said that India’s renewable energy capacity addition has grown by 175 per cent and renewable energy generation has grown by 86 per cent since 2014.
“India is not only the fifth largest but also the world’s fastest growing economy. The growth is driving an unprecedented demand for energy. We are committed to meeting this demand, sustainably,” Joshi said.
The minister also cited the recently-launched scheme for rooftop solar, PM Suryaghar Yojana, and shared its developments.
He said that while India aims to build 500 gigawatt (Gw) of renewable energy by 2030, the 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, 240 Gw of solar cell capacity by the end of the decade. Wind developers have committed 22 Gw of manufacturing capacity,” Joshi said.
The minister further said India has built 200 GW of renewable energy capacity and is on path to achieve 500 Gw by 2030.
Notably, this target is one of India’s commitment on global platforms including G20 and to the UNFCC.
Agencies

Agencies