Ministry of New and Renewable Energy
Prime
Minister to inaugurate REINVEST- 2020 on 26 November 2020
In India during the last 6 years, over Rs 4.7 lakh crore were invested and
India has become a favoured destination for investment in renewables: Shri
R.K.Singh
Posted On: 19 NOV 2020 4:07PM by PIB Delhi
Prime Minister Shri Narendra Modi will
inaugurate the virtual 3rd Global
Renewable Energy Investment Meeting and Expo (RE-INVEST
2020), on 26 November 2020. The Secretary of State for Business, Energy
and Industrial Strategy, UK & President COP-26; and the Minister of Energy,
Utilities and Climate, Denmark will attend and speak in the inaugural session.
Shri R.K. Singh, Minister for New and Renewable
Energy, informed that the 3rd RE-Invest will
build upon the success of the first two editions held in 2015 and 2018 and
provide an international forum for investment promotion in renewable
energy. It will also send signals to the global renewable community about
India’s commitment to the development and scaling up of renewable energy to
meet its energy requirements in a sustainable manner.
RE-INVEST 2020 will include a two-day
virtual conference on renewables and future energy choices and an exhibition of
manufacturers, developers, investors and innovators engaged in the clean energy
sector. The event will provide a great opportunity to
various countries, states, business houses & organizations to showcase
their strategies, achievements and expectations. It would facilitate
collaboration and cooperation with key stakeholders in India, which has emerged
as one of the world’s largest renewable energy markets today.Ministerial
Delegations from across the world, global industry leaders, and large number of
delegates are expected to participate in the event. The event will include 6
focused country sessions, alongside over 20 plenary and technical sessions, a
special Chief Ministerial plenary session. Over 200 speakers including around
80 international speakers will speak in various sessions. RE-INVEST also
includes an exhibition with over 100 exhibiting companies.
The Minister informed that during the last six
years, India’s renewable energy capacity has increased by two and half times.
Solar energy capacity has increased 13 times. The share of non-fossil fuel
energy sources in our power generation capacity has increased to 136 GW, or
about 36 per cent of our total capacity. By 2022, the share is expected to
further increase to over 220 GW. He further mentioned that while COVID 19
has caused significant disruption, the renewable energy sector has rebounded
remarkably. The pace of bidding for RE projects since the lock down is even
faster than the for the corresponding period last year. In India during
the last 6 years, over Rs 4.7 lakh crore were invested and India has become a
favoured destination for investment in renewables. India’s plans for
renewables for 2030 will translate into an investment opportunity of around Rs 1 lakh crore per year. India has
very liberal foreign investment policy for renewables, allowing foreign
investors, either on their own or in joint ventures with Indian partners, to
set up renewable energy based power generation in India.
Shri Singh informed about
efforts for creating an enabling ecosystem for domestic manufacturing of solar
PV cells and modules. Government schemes alone have created a domestic demand and assured market of around 40 GW of
domestically manufactured solar PV cells and modules. He further informed about
the recently announced Production Linked Incentive for manufacturing Solar PV,
which is expected to give a fillip to domestic manufacturing.
While referring to the role of renewables in the
farm sector, The Minister informed about the PM- KUSUM scheme,
which aims to replace 20 lakh diesel pumps with stand-alone Solar Pumps,
solarize 15 lakh grid connected pumps, and 10 GW decentralized solar power
plants in uncultivable lands of farmers within next four years. In
addition, initiative to include solarisation of agricultural feeders under the
scheme has been taken. This would significantly reduce the subsidy burden of
States.
The Minister also stated that the Government had
taken a number of facilitative policy measures to ensure “ease of doing
business” for renewable energy in the country, and to address any emergent
challenges. RE-INVEST is also an step in this ongoing process which will inform
about the Government’s plans and programmes and also foster engagement among
industry, investors and other stakeholders to take forward India’s renewable
growth story.
For more details:
Website: https://re-invest.in/
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