RE-INVEST 2024 Summit Secures Rs 32.45 Lakh Crore in Investment Commitments, Says Joshi

Union Minister for New and Renewable Energy, Pralhad Joshi, praised the 4th edition of REINVEST as a landmark event, highlighting that it will be remembered for the remarkable collaboration and significant investment commitments. Speaking at a press conference in Gandhinagar, Gujarat, on September 18, 2024, he highlighted that the historic day witnessed a record investment commitment of Rs 32.45 lakh crore through the "Shapath Patra" by 2030. He credited Prime Minister Narendra Modi's vision and leadership for these developments in India’s renewable energy sector.

Joshi highlighted that developers have pledged an additional 570 GW of energy capacity, while manufacturers committed to expanding production capacities in solar modules by 340 GW, solar cells by 240 GW, wind turbines by 22 GW, and electrolysers by 10 GW. These efforts reflect a collective commitment from states, developers, banks, and financial institutions towards building a sustainable future for India. Joshi expressed gratitude to all stakeholders, emphasizing the trust that both Indian and global communities place in "Destination India," particularly in renewable energy.

He also underscored the crucial role renewable energy plays in driving India's economy, noting that the Prime Minister's leadership is propelling the country towards its 500 GW renewable energy target. He praised Modi’s bold vision and innovation in spearheading India’s renewable energy transformation and congratulated states and companies for their leadership in this critical sector.

The 4th REINVEST Summit was a significant occasion, also marking the first 100 days of the Modi government, during which substantial progress was made in the renewable energy sector. Joshi shared his personal reflection on visiting the Dandi Kutir, a symbol of India’s freedom struggle, further highlighting the deep historical and symbolic significance of the event.

During the CEO Roundtable, Joshi reaffirmed the government’s seriousness about achieving the 500 GW renewable energy target. CEOs provided valuable insights on scaling manufacturing, enforcing Renewable Purchase Obligations (RPO), and embedding sustainability principles.

The event also saw the launch of the India-Germany Platform for Investments in Renewable Energies Worldwide. This platform will foster international cooperation, bringing together global stakeholders to create business opportunities and facilitate investment, technology transfer, and innovation in the renewable sector.

Key achievements in the renewable energy sector include a surge in solar PV manufacturing capacities and milestones under schemes such as PM KUSUM and the National Green Hydrogen Mission, contributing to India’s ambitious clean energy goals.