PM Modi inaugurates RE-Invest 2020

On November 26, 2020, Prime Minister Narendra Modi inaugurated the 3rd Global Renewable Energy Investment called the RE-Invest. The 3rd Global RE-Invest Renewable Energy Investors Meet & Expo was organised by the Ministry of New and Renewable Energy (MNRE), Government of India. It is to be held from 26 – 28 November 2020 on a Virtual Platform. The theme of RE-Invest, 2020 is

Theme: Innovations for Sustainable Energy Transition

COVID-19 has caused significant disruption and reduced the speed of development of renewable energy projects as compared to 2019. In spite of the crisis, the installed renewable capacity of India has increased by two and a half times in the last six years according to PM Modi. The Prime Minister inaugurated and addressed the meet virtually.

Significance of Re-Invest

RE-Invest will help the investors to get knowledge about the renewable growth. The partner countries of Re-INVEST are Australia, France, Denmark, Germany, UK, Maldives, European Union and US. The partner states are Gujarat, MP, HP, Rajasthan and Tamil Nadu.

Efforts by India

The PM-KUSUM scheme replaced 20 lakhs diesel pumps with solar pump. India has set an ambitious target of having 175GW of renewable energy by 2022 and 450 GW by 2030. Through these projects India aims to achieve “One sun, One World” of International Solar Alliance.

Renewable Energy in India

Currently, the renewable capacity of India is at 136 GW. This is 36% of the total capacity of the country. India is one of the largest producers of renewable energy. The GoI has targeted solar projects for houses by 2022.

As of September 2020, 89.22 GW of renewable energy is already operational, projects of 48.21 GW are at various stages of implementation and projects of 25.64 GW capacity are under various stages of bidding. Hydroelectricity is administered separately by the Ministry of Power and not included in MNRE projects.

Month: Current Affairs - November, 2020