‘Renewable energy sector will power India’s growth’

• At global investors’ meet in Gujarat, Modi outlined some of the major announcements of his government in the first 100 days of his third term, including the decisions to create 12 new industrial cities and eight high-speed road corridor projects

Highlights:

• Prime Minister Narendra Modi inaugurated the fourth Global Renewable Energy Investors’ Meet and Expo (RE-INVEST) in Gujarat on September 16, 2024, underscoring India’s leadership in renewable energy development.
• He highlighted the critical role the renewable energy sector would play in driving India’s rapid economic growth and fighting climate change.

India’s Commitment to Renewable Energy and Economic Growth:

• PM Modi stressed that India, home to 140 crore people, is determined to become the world’s third-largest economy, with renewable energy being the backbone of this transformation.
• India’s efforts to develop sustainable energy sources like solar, wind, hydro, and nuclear power were framed as a long-term strategy for achieving this economic growth, with a vision to sustain it for the next thousand years.

Key Government Initiatives:

• Modi outlined several major government initiatives introduced during the first 100 days of his third term. These included:
  • Creation of 12 new industrial cities and eight high-speed road corridors.
  • Launch of 15 semi-high-speed Vande Bharat trains.
  • Establishment of a ₹1 trillion fund for research and development.
  • Promotion of e-mobility, high-performance biomanufacturing, and the Bio-E3 policy.
  • Implementation of a viability gap funding scheme worth ₹7,000 crore for offshore wind energy projects.

India’s Renewable Energy Targets:

• India has set an ambitious target of achieving 500 GW of renewable energy by 2030. PM Modi lauded the efforts of State governments in developing solar and wind energy infrastructure.
• States like Gujarat, Andhra Pradesh, Maharashtra, Rajasthan, and Uttar Pradesh have made substantial commitments to add renewable energy capacity by 2030. Gujarat leads with a pledge of 128.60 GW, followed by Andhra Pradesh at 72.60 GW, Maharashtra at 62.73 GW, Rajasthan at 57.71 GW, and Uttar Pradesh at 47.63 GW.

Achievements and Future Goals:

• Modi emphasized that India was the first G20 nation to achieve its Paris Agreement climate commitments nine years ahead of schedule.
• He noted that the government had successfully made the green transition a “people’s movement.” Additionally, India is working on constructing seven crore new houses, having already provided four crore houses during Modi’s previous terms as Prime Minister.
• The country is also focusing on increasing hydropower generation, aiming to produce 31,000 MW of hydropower with an investment of ₹12,000 crore.

Financial Commitments for Renewable Energy:

• During the event, Minister of New and Renewable Energy Pralhad Joshi announced that banks and financial institutions had pledged an additional $386 billion (₹32.45 lakh crore) in financing for renewable energy project development by 2030.

Prelims Takeaways:

• Paris Agreement
• Global Renewable Energy Investors’ Meet and Expo