New Delhi: Striking an upbeat note at the curtain raiser for the third edition of RE-Invest 2019, a Renewable Energy (RE) investors’ meet and expo, Minister of New and Renewable Energy RK Singh said that India is not only going to achieve but cross its RE targets. “RE energy share is going to grow and push out fossil fuels. That’s how I see the future. There’s no better place or sector to invest right now,” Singh told investors on Thursday.
RE-Invest will coincide with 2nd assembly of ISA
RE-INVEST 2019, which will be held from October 30 to November 2 in India will also coincide with the Second Assembly of the International Solar Alliance (ISA). The objective of the event is to attract the right investments in renewable energy (RE) and present India’s RE story to the world.
‘Investing in RE a way to address Climate Change’
Delivering the keynote address at the Curtain Raiser, Singh said that India holds enormous potential in renewable energy and it is an exciting place to invest in RE. “We have witnessed the emergence of an international consensus for renewable energy & RE-INVEST provides the perfect platform to take it forward,” he added.
“Climate is an issue. Environment is an issue. There are people who disagree but their number is dwindling. Climate change is real and investment in RE is a way to address that,” he noted.
The government, this time, is expecting 20,000 delegates, 75 ministerial delegations from various countries and 200 speakers to take part in the three-day event.
‘RE sector can meet India’s rising electricity demand’
In his opening remark, Secretary, MNRE, Anand Kumar, said that electricity demand in India is set to witness an exponential growth as aspirations of people have increased. “Moreover as EVs take to roads, there will be a spurt in demand for electricity and this is where RE sector can pitch in,” the Secretary said.
“We are now focused on enhancing manufacturing not just to meet Indian domestic demand but also, for exports. A new policy to facilitate the creation of Li-ion cells and panels is also in the pipeline. We are creating a demand for the absorption of these products in India and we invite you to be part of India’s RE ecosystem,” said Kumar.
In his address, DG, ISA, Shri Upendra Tripathy emphasised the need to align fiscal, financial and industrial policies to cumulatively charge up the global energy ecosystem and bring energy access to more than one billion people who are without power in the world.
India is among the countries with the largest production of energy from renewable sources. As of June 30, India has an installed renewable energy capacity of 80.47 GW, of which solar and wind comprises 29.55 GW and 36.37 GW respectively. Biomass and small hydropower constitute 9.81 GW and 4.6 GW respectively. Thus, India offers one of the largest investment opportunities in the renewable space. The government of India allows a 100 percent FDI under the automatic route for projects of renewable power generation and distribution.