India needs Rs 30 lakh crore investment to achieve target of 500 GW green energy by 2030: Pralhad Joshi

Briefing the press about an upcoming event, Joshi said an Indo-German platform will be launched at the event for investment in green projects worldwide. He informed that Germany, Denmark, Australia and Norway are country partners for the event.

New and Renewable Energy Minster Pralhad Joshi on Wednesday said that India requires an investment of Rs 30 lakh crore to achieve its ambitious target of 500 GW of renewable energy by 2030.

With an aim to achieve the aforementioned target by 2030 and attract investment, the Ministry of New and Renewable Energy (MNRE) will be hosting the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) from September 16 to 18, 2024 at the Mahatma Mandir in Gandhinagar, Gujarat. India has already added over 200 GW of renewable energy capacity in the country.

Briefing the press about the event, Joshi said an Indo-German platform will be launched at the event for investment in green projects worldwide. He informed that Germany, Denmark, Australia and Norway are country partners for the event.

Joshi said, "We are expecting delegations from Australia, Denmark, Germany, Norway, Singapore, Hong Kong, USA, UK, Belgium, European Union, Oman, UAE and many more".

"Like all previous editions, the Prime Minister of India will inaugurate the event this year also on September 16," he noted. The valedictory session will be chaired by Vice President of India Jagdeep Dhankar.

All major banks and financial institutions will also be submitting affidavits about their proposed loans/funding in the RE sector. Besides, developers, manufacturers, private equities investors, and top vendors will also pledge their contribution to the sector, the minister added.

Several other states like Rajasthan, Andhra Pradesh, Maharashtra, Karnataka, Goa, Madhya Pradesh, Uttar Pradesh, Punjab, Nagaland, Telangana, Delhi and Arunachal Pradesh are also participating. Many chief ministers and ministers of state governments will be attending the conference, he stated.

He said the event will witness state governments giving their firm commitments in the form of a 'Shapath Patra' or affidavit, specifying their plans/targets for the renewable energy sector.

"The industry has been an important co-traveller in the renewable energy journey, and therefore, we have the Confederation of Indian Industry (CII) as an industry partner," he added.