Prime Minister Narendra Modi will inaugurate the third edition of Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), virtually on November 26, in a bid to provide an international forum for investment in renewable energy sector.
Along with Prime Minister Modi, the Secretary of State for Business, Energy and Industrial Strategy, UK and President COP-26 and the Minister of Energy, Utilities and Climate, Denmark will also address the inaugural session.
“It will also send signal to the global renewable energy community about India’s commitment to the development and scaling up of renewable energy to meet its energy requirements in a sustainable manner. India has invested over Rs 4.7 lakh crore during the last 6 years. India has become a favoured destination for investment in renewables,” Minister of Power and New and Renewable Energy, RK Singh, said on Thursday.
The forum will include a two-day virtual conference on renewable and future energy choices and an exhibition of manufacturers, developers, investors and innovators engaged in the clean energy sector.
Mr Singh also highlighted that coronavirus caused a significant disruption, despite this, the renewable energy sector has rebounded remarkably.
“During the last six years, India’s renewable energy capacity has increased by two and a half times. Solar energy capacity has increased over 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 by 220 GW. While COVID-19 has caused significant disruption, the renewable energy sector has rebounded remarkably,” the minister added.
Mr 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.
Regarding the role of renewables in the farm sector, the minister said, “In PM- KUSUM scheme, which aims to replace 20 lakh diesel pumps with stand-alone solar pumps, solarised 15 lakh grid-connected pumps and 10 GW decentralised solar power plants will be planted in uncultivable lands of farmers within the next four years. In addition, the initiative to include solarisation of agricultural feeders under the scheme has also been undertaken. This would significantly reduce the subsidy burden of states.”
This year’s RE-Invest will build upon the success of the first two editions held in 2015 and 2018.