Sound environmental policies can be sound economies: PM Modi at Re-Invest 2020

Prime Minister Modi on November 26, 2020, virtually inaugurates the 3rd edition of the Global Renewable Energy Investment Meeting and Expo (Re-INVEST 2020) in a bid for providing an international forum for investment promotion in the sector of renewable energy.

Along with PM Modi, the Minister of Energy, Utilities and Climate, Denmark, President COP-26, and the Secretary of State for Business, Energy and Industrial Strategy, UK will also be addressing the inaugural session.

The forum will also include a two-day virtual conference on renewable energy choices and an exhibition of developers, manufacturers, innovators, and investors engaged in the clean energy sector. RE-INVEST 2020 will build upon the success of the first two editions which were held in 2015 and 2018.

Delhi: Prime Minister Narendra Modi participates in inauguration of 3rd Global Renewable Energy Investment Meeting and Expo (Re-Invest) via video conferencing. pic.twitter.com/tAzM06FqO0

— ANI (@ANI) November 26, 2020

India's renewable power energy capacity 4th largest in the world: PM Modi at Re-Invest 2020

Prime Minister Modi during his address at the Global Renewable Energy Investment Meeting and Expo underlined that the renewable power energy capacity in India is the 4th largest all over the world. In India, renewable energy capacity is currently 136 Gigawatts, which is about 36% of our total capacity.

Today, India’s renewable power capacity is the 4th largest in the world. It is growing at the fastest speed among all major countries. The renewable energy capacity in India is currently 136 Giga Watts, which is about 36% of our total capacity: PM Narendra Modi https://t.co/ZteUdayHEC pic.twitter.com/Un6fZExDZm

— ANI (@ANI) November 26, 2020

He further added that in the last 6 years, India has increased its installed renewable energy capacity by two and a half times. 

In the last 6 years, we increased our installed renewable energy capacity by two and half times: PM Narendra Modi at inauguration of 3rd Global Renewable Energy Investment Meeting and Expo (Re-Invest) pic.twitter.com/0tV7w5u1Mk

— ANI (@ANI) November 26, 2020

Sound environmental policies can be sound economies: PM Modi

PM Modi during RE-Invest 2020 particularly noted that even when it was not affordable, India invested in renewable energy, and now our investment and scale are bringing the costs down. India is clearly showing to the world that sound environmental policies can be sound economies. 

Even when it was not affordable, we invested in renewable energy. Now our investment and scale is bringing costs down. We are showing to the world that sound environmental policies can also be sound economics: PM Modi https://t.co/eAq4W8wXYg

— ANI (@ANI) November 26, 2020

Objective of Re-Invest 2020:

According to the Minister of Power, and New and Renewable Energy, RK Singh, the meeting will send a signal to the global renewable community about the Indian government’s commitment to the scaling up and development of renewable energy to meet its energy requirements in a sustainable manner.

Renewable energy capacity increased in India:

The Union Minister stated that in the last 6 years in India, over 4.7 lakh crores have been invested and now India has become a favored destination for the investment in renewables. He also highlighted that even though Corona has caused the disruption, the renewable energy sector in India has rebounded remarkably.

India’s renewable energy capacity, in the last 6 years, has increased by two and half times and solar energy capacity has increased over 13 times. The non-fossil fuel energy sources in India’s power-generation capacity have increased to 136 GW or about 36% of total capacity and by 2022 the share is expected to be further increased by 220GW.

RK Singh also informed about the government’s efforts of enabling the ecosystem for the domestic manufacturing of solar PV cells and modules. The scheme of the Indian government alone has created an assured market and domestic demand of around 40GW of domestically manufactured solar PV Cells and Modules.

Role of Renewables in the farm sector:

Under PM-KUSUM Scheme which aims at replacing 20 lakh diesel pumps with solar pumps, 15 lakh solarized grid-connected pumps and 10GW decentralized solar power plants will be planted in the cultivable lands within the next 4 years.

In addition, the initiative for including solarization of agricultural feeders under the PM-KUSUM Scheme has also been undertaken which will significantly reduce the subsidy burden of states.