India's 'Shapath Patra' at 4th RE-Invest Summit: $386 Billion Committed for Renewable Energy by 2030
Key Ideas
  • Leading companies commit $386 billion to develop renewable energy projects by 2030 at 4th RE-Invest Summit.
  • Reliance Industries leads with a commitment of 100 Gw, followed by NTPC and ReNew.
  • Commitment includes plans for solar module manufacturing, cell manufacturing, and green hydrogen production.
  • Banks and financial institutions also commit Rs 24.8 trillion for financing renewable energy projects in India.
The 4th RE-Invest Summit in India saw a significant commitment of close to $386 billion from leading renewable energy project developers, manufacturing companies, banks, and financial institutions to invest in the development of renewable energy projects by 2030. Public and private sector developers have pledged to build close to 570 gigawatts of renewable energy capacity, surpassing India's target of 500 gigawatts by 2030. Reliance Industries Ltd, NTPC Ltd, and ReNew are among the top contributors with commitments of 100 Gw, 41.3 Gw, and 40 Gw respectively. ReNew has also committed to doubling its installed capacity, focusing on module and cell manufacturing, and green hydrogen production. The submissions made under 'Shapath Patra' aim to showcase India's investment potential in green energy. Companies like Torrent Power from Gujarat have pledged to achieve 10 gigawatts of installed renewable energy capacity by 2030. The commitment for solar module manufacturing stands at 338 Gw and cell manufacturing at 239 Gw. Wind turbine manufacturing also received significant commitments. India's rapid growth and the increasing demand for energy have led to these substantial investments in renewable energy infrastructure. Banks and financial institutions have committed Rs 24.8 trillion for financing renewable energy projects, with entities like SBI, PNB, and Brookfield announcing major investment undertakings. The summit, attended by various state representatives, emphasizes India's commitment to sustainable energy growth, with targets aligned with global platforms like G20 and the UNFCC.
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