4th Global Renewable Energy Investors Meet and Expo (RE-INVEST) | 17 Sep 2024
Recently, the Prime Minister inaugurated the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST) in Gandhinagar, Gujarat.
- It brings together key players in the renewable energy sector like government officials, industry leaders, investors, researchers, and policymakers.
- It was organised by the Ministry of New and Renewable Energy in collaboration with the Confederation of Indian Industry (CII).
What are the Key Highlights of the RE-INVEST?
- Financial Commitments for Green Projects: Banks and financial institutions committed Rs 32.45 trillion for financing green projects.
- This financial backing reflects India's growing emphasis on renewable energy development and the robust support from financial sectors.
- Top lenders are Reliance (Rs 6 trillion), Indian Renewable Energy Development Agency Ltd (Rs 5 trillion ), State Bank of India (Rs 5 trillion), Power Finance Corporation (Rs 3 trillion) and National Bank for Financing Infrastructure and Development (Rs 1.86 trillion).
- Support from Developers and Manufacturers: The manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers.
- Other stakeholders except manufacturers have committed an additional 570 GW of capacity addition.
- Invitation to Investors: India invited global stakeholders to invest in India’s rapidly growing renewable energy sector. The government is focused on meeting increasing energy demand sustainably through renewable energy.
- Reduction in Solar Tariffs: India announced a significant 76% decrease in tariffs for grid-connected solar power plants, making solar energy more affordable and attractive for developers and consumers alike.
- Other Achievements Highlighted:
- Growth in Installed Capacity: India’s installed renewable energy capacity has increased from 75.52 GW in March 2014 to more than 207.7 GW in 2024.
- Renewable Energy Generation Increase: India’s total renewable energy generation in India has increased by 86% from 193.50 billion units in 2014 to 360 billion units (BU) in 2024.
What are the Major Commitments from Key Industry Players in Renewable Energy Capacity Development?
- Reliance Industries committed to installing 100 GW of renewable energy capacity by 2030.
- NTPC pledged 41.3 GW and Torrent Power Ltd committed to 10 GW by 2030.
- ReNew Power committed to installing 40 GW by 2030. Currently, it has a commissioned capacity of 10 GW, equally divided between solar and wind.
UPSC Civil Services Examination, Previous Year Question (PYQ)
Prelims
Q.The term ‘Domestic Content Requirement’ is sometimes seen in the news with reference to (2017)
(a) Developing solar power production in our country.
(b) Granting licences to foreign T.V. channels in our country.
(c) Exporting our food products to other countries.
(d) Permitting foreign educational institutions to set up their campuses in our country.
Ans: (a)
Q.With reference to the Indian Renewable Energy Development Agency Limited (IREDA), which of the following statements is/are correct? (2015)
1. It is a Public Limited Government Company.
2. It is a Non-Banking Financial Company.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: (c)