Banks, FIs commit Rs 32.5 trillion for investment in renewable energy | Banking
 "renewable energy")
One of the highlight events at the 4th RE-Invest is the submission of ‘Shapath Patra’.
Leading banks and various financial institutions have committed close to $386 billion or approximately Rs 32.45 trillion to invest in the development of renewable energy projects, union minister of new and renewable energy (MNRE) Pralhad Joshi said on Monday. He was speaking at the inaugural ceremony of the 4th RE-Invest Summit, hosted by the MNRE and the Confederation of Indian Industry (CII).
Joshi also said that India’s renewable energy capacity addition has grown by 175 per cent, and renewable energy generation has grown by 86 per cent since 2014.
“India is not only the fifth largest but also the world’s fastest-growing economy. This growth is driving an unprecedented demand for energy. We are committed to meeting this demand sustainably,” Joshi said.
He added that India’s solar energy capacity has grown by 33 times since 2014. The minister cited the recently launched scheme for rooftop solar, PM Suryaghar Yojana, and said close to 3.5 installations have been completed to date.
Joshi stated that while India aims to build 500 gigawatts (GW) of renewable energy by 2030, the ministry has received commitments worth 570 GW from the solar power industry. “The solar manufacturing community has committed 340 GW of solar module manufacturing capacity and 240 GW of solar cell capacity by the end of the decade. Wind developers have committed 22 GW of manufacturing capacity,” Joshi said.
One of the highlight events at the 4th RE-Invest is the submission of ‘Shapath Patra’ by renewable energy project developers, equipment manufacturers, the financing sector, and public sector companies. These ‘Shapath Patras’ will list the commitments of these stakeholders in building across the renewable energy supply chain or funding it.
Joshi said that India has built 200 GW of renewable energy capacity and is on the path to achieving 500 GW by 2030. This target is one of India’s commitments on global platforms, including the G20 and the United Nations Framework Convention on Climate Change (UNFCCC).
First Published: Sep 16 2024 | 11:35 AM IST
