India Urges Global Investors to Back Green Energy with Rs 32.45 Lakh Crore Commitments

Union New & Renewable Energy Minister Pralhad Joshi has called on global investors to finance India's green projects. At the 4th RE-INVEST 2024, Joshi highlighted commitments from various sectors to reach 500 GW renewable capacity by 2030. Banks and financial institutions pledged USD 386 billion (Rs 32.45 lakh crore) in financing.

Gandhinagar, Sep 16 (PTI) Union New & Renewable Energy Minister Pralhad Joshi on Monday urged global investors to commit to India's green energy projects, revealing that Rs 32.45 lakh crore in financing has been promised by banks and financial institutions.

Speaking at the inaugural session of the 4th RE-INVEST 2024, Joshi mentioned the overwhelming support from states, Union Territories (UTs), developers, manufacturers, and financial institutions to achieve the target of 500 GW renewable energy capacity by 2030. He noted that developers have committed an extra 570 GW of capacity addition.

Manufacturers have also pledged additional capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers. Banks and financial institutions have committed an additional financing of USD 386 billion by 2030.

Joshi invited all stakeholders to invest in India's burgeoning renewable energy sector, emphasizing the country's growing influence on the global stage and its strategic international partnerships.

Highlighting India's rapid economic growth, Joshi cited a 76 percent reduction in tariffs for grid-connected solar power plants and a 175 percent increase in installed renewable energy capacity over the last decade.

The RE-INVEST event is organized by the Ministry of New and Renewable Energy in partnership with the Confederation of Indian Industry (CII).

(With inputs from agencies.)