Why in news
Addressing the inaugural session of the 4th RE-INVEST 2024, Union New & Renewable Energy Minister Pralhad Joshi urged investors to invest in India saying that ₹32.45 lakh crore finance in green projects has been committed by banks and financial institutions.
RE-INVEST 2024
RE-INVEST 2024 is organized by the Ministry of New and Renewable Energy in partnership with CII.
₹32.45 lakh crore (Rs 32.45 trillion) has been committed by banks and financial institutions for green projects.
Top lenders are Reliance (Rs 6 trillion), IREDA (Rs 5 trillion ), SBI (Rs 5 trillion), Power Finance Corporation (Rs 3 trillion) and NaBFID (Rs 1.86 trillion).
India aims for 500 GW of renewable energy capacity by 2030, with developers committing an additional 570 GW.
The manufacturers have committed additional manufacturing capacities of :
340 GW in solar modules
240 GW in solar cells
22 GW in wind turbines
10 GW in electrolysers
Banks and financial institutions have pledged $386 billion (₹32.45 lakh crore) for financing renewable energy projects by 2030.
Achievements
India announced a significant 76% decrease in tariffs for grid-connected solar power plants, making solar energy more affordable and attractive for developers and consumers alike.
Renewable energy capacity has increased from 75.52 GW in March 2014 to over 207.7 GW, marking a 175% rise.
Total renewable energy generation has grown by 86%, from 193.50 billion units to 360 billion units since 2014.
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