RE-Invest 2024 has potential to be powerful catalyst for climate action, says V-P

Gandhinagar: India’s three-day-long Global Renewable Energy Investor’s Meet and Expo (RE-INVEST 2024) came to a close on Wednesday with Vice-President Jagdeep Dhankar’s closing address in which he stressed the urgency with which the world needs to look at Renewable Energy (RE) expansion. He also dubbed India’s efforts as a clarion call for the world to tackle the menace of Climate Change together. “Friends, let me tell you, interest in renewable energy is not optional. It is compulsive. We will have to take an interest in this because it concerns our existence and therefore, RE-Invest 2024 has the potential to be a powerful catalyst for action, an action that is coming not a day too soon, an action that is the need of the hour,” said the Vice-President while addressing the valedictory session of RE-Invest.

PSU Watch is now on Whatsapp Channels. Click here to join

Underscoring the urgent need for holistic participation by all stakeholders to tackle climate change, Dhankhar said, “India has given a clarion call now that we must work in synergy, all agencies across the globe need to converge to tackle and address the menace of climate change and in this, distinguished audience, every individual has a role to play. It is not a matter limited to state actors or organised groups, two things every individual can do.”

RE commitments from states, developers, manufacturers among key outcomes: Joshi

Speaking at the valedictory session, Minister for New and Renewable Energy Pralhad Joshi said, “India’s climate action under the leadership of Prime Minister Shri Narendra Modi has inspired the world. Prime Minister’s vision has taken India to the forefront of global transition to sustainable energy. The steps undertaken in the 100 days of the new government such as the viability gap funding for offshore wind, reaching the milestone of 3.5 lakh beneficiaries under the PM-Surya Ghar: Muft Bijli Yojana have been significant.”

He highlighted some of the key outcomes of RE-Invest 2024. He said that states/ UTs have committed to putting in place 540 GW of RE by 2030. “RE manufacturers have committed to 340 GW of solar module capacity, 240 GW of solar cell capacity, 22 GW of wind capacity and 10 GW of electrolyser capacity. Financial institutions have committed to 386 billion USD for India’s 2030 commitment. All these commitments are expected to result in employment generation for 82 lakh people,” he said.

While congratulating Gujarat’s humungous achievements in renewable energy, Joshi also thanked the government of Gujarat for successfully hosting RE-Invest 2024. He said that the support and participation of all stakeholders would be required for fulfilling Prime Minister Narendra Modi’s vision of Viksit Bharat.

Listing the outcomes of RE-Invest 2024, the Ministry of New and Renewable Energy (MNRE) said in a statement that the marquee event attempted to set the roadmap for further renewable energy development in the country, identified the role of policy support in promoting renewable initiatives, emphasised the goal of transitioning to a low-carbon economy and showcased avenues for investment in the renewable sector, among others.

‘Govt has initiated bio-based policy interventions, circular economy’

Minister for Environment, Forest and Climate Change Bhupender Yadav, who also addressed the valedictory session, said, “The path of sustainability has to be chosen for conservation of ecosystem, biodiversity, development of society and for best utilisation of human resources. To ensure sustainability, a proper technological and management system has to be created for the world through policy, technological intervention and capacity building. Countries should develop action plans that prioritise equity, ensuring that health, justice, and prosperity are available to everyone. This approach will promote social equity and facilitate inclusive, sustainable economic growth while safeguarding natural resources for future generations.”

The minister said that the government has initiated more bio-based policy interventions and is also working on fuel switching, recycling, circular economy, and the promotion of green hydrogen technology, along with empowering the MSME sector. “India is working on international cooperation to empower the global south and the assessment of financial requirements with new quantifiable goals being the focus areas at COP29,” he said. He mentioned that for capacity building, climate finance must be defined accordingly. “The Ministry of Energy has put forth the idea of a carbon market and initiated the Green Climate fund to build capacity. He further said that the economic viability of capacity building and technology transfer holds the key to developing renewable energy markets,” said the minister.

RE-Invest 2024

The MNRE, in partnership with the Confederation of Indian Industry and Indian Renewable Energy Development Agency (IREDA), organised the 4th Global Renewable Energy Investment Meet & Expo (RE-INVEST) from September 16-18 at Mahatma Mandir, Gandhinagar, Gujarat on the theme; Invest, Innovate and Inspire. Prime Minister Narendra Modi inaugurated the investment meet and exposition on September 16.

“Around 363 companies participated in the three-day event, representing both Indian and global businesses. Around 816 B2B (Business to Business) meetings and 110 B2G (Business to Government) meetings were held,” said MNRE.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)