Narendra Modi, Prime Minister of India inaugurated the 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar in Gujarat on August 16, 2024. He praised the progress made over the past few years, pointing to a range of initiatives aimed at further boosting India’s renewable energy capacity. Among the key announcements was the launch of a viability gap funding (VGF) scheme for offshore wind energy projects. The scheme, with an allocation of over Rs 70 billion, is expected to significantly accelerate the development of offshore wind energy infrastructure in India. Further, various initiatives have been taken to drive e-mobility, promotion of high-performance biomanufacturing and approval to Bio E3 policy. Moreover, the country is working towards producing 31,000 MW of hydropower in the coming times.
India’s ambitious goal of reaching 500 GW of renewable energy capacity by 2030 received widespread support from various key stakeholders, including states, utilities, developers, financial institutions and manufacturers. Developers have committed an additional 570 GW of capacity. Meanwhile, manufacturers have pledged to significantly increase their production capacity of 340 GW solar modules, 240 GW solar cells, 22 GW wind turbines and 10 GW electrolyzers. Banks and financial institutions also committed additional financing to bolster the nation’s ambitious renewable energy goals.