Prime Minister Narendra Modi will inaugurate the third version of the Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), just about on November 26, in a bid to supply an international forum for funding in the renewable energy sector.
Together with Prime Minister Modi, the Secretary of State for Enterprise, Energy and Industrial Technique, UK and President COP-26 and the Minister of Energy, Utilities and Local weather, Denmark may also handle the inaugural session.
“It would additionally send a signal to the global renewable energy community about India’s dedication to the event and scaling up of renewable energy to satisfy its energy necessities in a sustainable method. India has invested over Rs 4.7 lakh crore over the past 6 years. India has developed into a favored vacation spot for funding in renewables,” Minister of Energy and New and Renewable Energy, RK Singh, stated on Thursday.
The forum will embrace a two-day digital convention on renewable and future energy selections and an exhibition of producers, builders, traders, and innovators engaged within the clean energy sector.
Mr. Singh additionally highlighted that coronavirus brought on a big disruption, regardless of this, the renewable energy sector has rebounded remarkably.
“Over the last six years, India’s renewable vitality capability has elevated by two and a half occasions. Solar energy capability has elevated over 13 occasions. The share of non-fossil gas energy sources in our energy era capability has elevated to 136 GW or about 36 percent of our complete capability. By 2022, the share is predicted to additional improve by 220 GW. Whereas COVID-19 has brought on important disruption, the renewable vitality sector has rebounded remarkably,” the minister added.
Mr. Singh informed about efforts for creating an enabling ecosystem for home manufacturing of solar PV cells and modules. Government schemes alone have created a home demand and warranted a market of around 40 GW of domestically manufactured solar PV cells and modules.
Relating to the position of renewables within the farm sector, the minister stated, “In PM- KUSUM scheme, which goals to exchange 20 lakh diesel pumps with stand-alone photovoltaic pumps, solarised 15 lakh grid-connected pumps and 10 GW decentralized solar energy vegetation might be planted in uncultivable lands of farmers inside the subsequent 4 years. As well, the initiative to incorporate solarisation of agricultural feeders below the scheme has additionally been undertaken. This is able to considerably cut back the subsidy burden of states.”
This 12 months’ RE-Invest will construct upon the success of the primary two editions held in 2015 and 2018.