Friday, May 13, 2022

Bhagwant Khuba invites global investors to tap opportunities in India’s RE space

Union Minister of State for New and Renewable Energy Bhagwant Khuba has invited global investors to invest in India's clean energy industry

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New Delhi: Union Minister of State for New and Renewable Energy Bhagwant Khuba has invited global investors to invest in India’s clean energy industry, stressing that projects worth around USD 196.98 billion are underway in the sector.

Addressing investors at a conference in Munich, Germany, Khuba said India offers a great opportunity for investments.

“Currently around USD 196.98 billion worth of projects are underway in India. I once again invite all the developed countries and major RE (renewable energy) players to utilise the opportunity India is offering to the world,” he said.

Khuba delivered the keynote address at ‘Intersolar Europe 2022’ on “India’s Solar Energy Market”.

He said under Prime Minister Narendra Modi’s ambitious Panchamrit targets set during COP26, India is all set to achieve net-zero by 2070 and install 500 GW of non-fossil fuel capacity by 2030.

The minister further said India’s vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals.

He pointed out that India has seen incredible growth of RE capacity in the last seven years and has achieved the target of 40 per cent cumulative electric capacity from non-fossil fuels in 2021, a full nine years ahead of the target of 2030.

The government of India is committed to promoting domestic manufacturing in the solar photovoltaic (PV) sector to achieve its ambitious deployment goals. Several policy measures have been undertaken to support the domestic PV manufacturing sector.

The minister also emphasised that India is committed to increasing domestic manufacturing of high-efficiency solar PV modules for which a total budget outlay of Rs 24,000 crore has been made.

Further, to promote the green hydrogen economy, India has estimated an outlay of Rs 25,425 crore.

The Green Hydrogen Mission eyes generating 4.1 million tonnes of green hydrogen annually.

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