India gearing up for monumental shift in energy landscape

GANNDHINAGAR: With an ambitious goal of achieving 500 GW of renewable energy capacity by 2030, India is gearing up for a monumental shift in its energy landscape.

Union New & Renewable Energy Minister Pralhad Joshi announced on Monday that an estimated Rs30 lakh crore investment will be required to meet this target, underscoring the scale of the challenge ahead.

Clean energy

As the world’s third-largest energy consumer, India’s clean energy ambitions are not just about domestic transformation – they reflect the nation’s growing role in the global renewable energy movement.

Prime Minister Narendra Modi is set to inaugurate the 4th edition of the Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) from September 16-18 in Gandhinagar, signaling India’s commitment to mobilising international partnerships to achieve these objectives.

In a curtain raiser event, Minister Joshi emphasised the importance of this edition of RE-INVEST, noting that it will serve as a critical platform for attracting global investors and showcasing cutting-edge renewable technologies.

Vibrant Gujarat

 “We believe that Gujarat is the ideal location for hosting this summit, especially given its success with the Vibrant Gujarat initiative, which has attracted significant investment across sectors,” Joshi said.

India’s current renewable energy capacity stands at 203 GW, leaving an enormous gap to be filled. This summit aims to explore not just the investment opportunities, but also the emerging technologies, policy frameworks, and global collaborations needed to close that gap.

New milestone

With over 40 sessions planned, including a Chief Ministerial Plenary, CEO Roundtables, and discussions on startups, RE-INVEST 2024 will be a milestone in India’s renewable energy journey.

Joshi further highlighted that this is the first time the summit will be held in Gujarat, marking a shift from previous editions held in Delhi, with one being conducted in a virtual format. The exhibition at the summit will offer a showcase of the latest in renewable energy technologies, bringing together government officials, industry leaders, investors, and researchers from around the globe.