New & Renewable Energy Minister, Pralhad Joshi, has called investors, for India’s ambitious green energy project, pointing out the country’s strong commitment to renewable energy development. 

Speaking at the 4th RE-INVEST 2024, Joshi highlighted the significant financial support from banks and institutions for green energy, with a massive Rs 32.45 lakh crore already committed through Shapath Patras.

The union minister focused on the government’s objective to achieve a 500 GW renewable energy capacity by 2030. In his address, Joshi said, “We have received overwhelming commitments from the states and UTs as well as from developers, manufacturers, and financial institutions to support our goal of 500 GW by 2030,”

To extend this vision of a remarkable boost to India’s renewable energy landscape, developers have pledged an additional 570 GW of capacity to support the government’s green energy initiative. 

Additionally, the manufacturers have made promising commitments to increase their production capacities. Joshi revealed that the manufacturing sector has pledged 340 GW of additional capacity in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolyzers. 

These manufacturing commitments are expected to strengthen India’s renewable energy supply chain and make the country more self-dependent in producing key components for solar, wind energy generation, and green hydrogen production.

Joshi said the first-ever offshore wind energy scheme was approved on 19 June 2024 and now IREDA has integrated a subsidy for green energy finance.

The 4th RE-INVEST 2024 event has provided a platform for India to showcase its renewable energy ambitions and attract investments globally. India is on its way to achieving a renewable energy transformation, with strong support from the public and private sectors, and plans to extend amounts of solar, wind, and hydrogen energy capacity by 2030. 

The commitments made during this event are expected to have a long-lasting impact on India’s clean energy goals and sustainable development in the coming years.

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