Updated November 26th, 2020 at 20:40 IST
'India 4th largest in world for renewable power capacity': PM Modi at RE-Invest 2020
PM Modi at RE-Invest 2020 said India has been progressing at an unparallel pace and is now the fourth largest in the world in terms of renewable power capacity.
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Prime Minister Narendra Modi on Thursday addressed the RE-Invest 2020 -- the third edition of Renewable Energy Investors Meet & Expo. While making the pitch for inviting investment in India, PM Modi said that India has been progressing at an unparallel pace and is now the fourth largest in the world in terms of renewable power capacity.
Inaugurating RE-Invest 2020. Watch my speech. https://t.co/IxPyr6p157
— Narendra Modi (@narendramodi)
Speaking at the virtual summit, PM Modi said that India has been exceeding the annual renewable energy capacity addition than that of the coal-based thermal power since 2017. The prime minister said, "In the last six years, we increased our installed renewable energy capacity by two and half times."
PM Modi said that the government of India invested substantially in renewable energy even when it was not affordable, but now the investment and its scale is bringing the costs down.
"We are showing to the world that sound environmental policies can also be sound economics," the Prime Minister said.
Today, India’s renewable power capacity is the 4th largest in the world. It is growing at the fastest speed among all major countries.
— PMO India (@PMOIndia)
The renewable energy capacity in India is currently 136 Giga Watts, which is about 36% of our total capacity: PM
When I talk about energy efficiency, we have not limited this mission only to one ministry or department.
— PMO India (@PMOIndia)
We have ensured that it becomes a target for the entire government.
All our policies have a consideration of achieving energy efficiency: PM
"In the earlier editions, we spoke about our plans for a journey from megawatts to gigawatts in renewable energy. We also spoke about “One Sun, One World One Grid” to leverage solar energy. In a short time, many of these plans are becoming a reality," PM Modi said.
PM Modi added that there are huge renewable energy deployment plans for the next decade and they "are likely to generate business prospects of the order of around 20 billion dollars per year."
After the success of PLI in electronics manufacturing, we have decided to give similar incentives to high efficiency solar modules: PM
— PMO India (@PMOIndia)
Ensuring “Ease of doing business” is our utmost priority.
We have established dedicated Project Development Cells to facilitate investors: PM
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RE-Invest 2020
The three-day summit has been organised by the Ministry of New and Renewable Energy and is said to be held from November 26 – 28, 2020. The theme for RE-Invest 2020 is ‘Innovations for Sustainable Energy Transition’. The previous two editions of the summit were held in 2015 and 2018.
The second day of the conference is likely to witness the attendance of Uttar Pradesh Chief Minister Yogi Adityanath, Vijay Rupani of Gujarat, Rajasthan CM Ashok Gehlot, CM Biplab Deb of Assam, Madhya Pradesh's Shivraj Chouhan and Jairam Thakur from Himachal Pradesh at the Chief Ministers’ Plenary.
Ahead of the summit, a statement from the Ministry said, over 75 international ministerial delegations, more than 1000 global industry leaders and 50,000 delegates are likely to attend the conference.
"It aims to accelerate the worldwide effort to scale up the development and deployment of renewable energy and connect the global investment community with Indian energy stakeholders," the statement added.
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Published November 26th, 2020 at 20:40 IST