India is striving to achieve 500 GW of renewable energy capacity by 2030, says PM Modi
Showcasing India’s renewable energy revolution, Prime Minister Narendra Modi inaugurated the 4th Global Renewable Energy Investors’ Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar on Monday (September 16, 2024). The three-day event is poised to highlight India’s significant strides in renewable energy capacity and its ambitious goals towards a sustainable, green future.

With more than 200 GW of installed non-fossil fuel capacity already achieved, there is reason to celebrate India’s position as a global leader in renewable energy.

As the world focuses on sustainable energy solutions, PM Modi highlighted India's leadership in green energy. "Green future and net zero are India’s commitments," He introduced the PM Surya Ghar Muft Bijli Yojana, a bold initiative to transform every household in India into a power producer through rooftop solar installations. Over 1 crore 30 lakh families have already registered for the scheme, with 3.25 lakh homes having completed installations. This initiative is expected to generate significant employment, with around 20 lakh jobs anticipated.

'Indian Solutions for Global Applications'
India’s efforts are not just limited to domestic development. The Prime Minister underscored the importance of Indian solutions for global applications, stating, "India’s diversity, scale, capacity, potential, and performance pave the way for Indian solutions for global applications."

During his address, PM Modi emphasized the critical role of India in the global renewable energy sector, asserting that "India is the best bet of the 21st century." He hailed India’s remarkable achievements, noting that the country has already met its climate commitments set in the Paris Agreement nine years ahead of schedule, making India the first G20 nation to do so.

India’s remarkable progress in renewable energy was a central theme of the event. Prime Minister Modi noted that India is striving to achieve 500 GW of renewable energy capacity by 2030. The nation is also taking the lead in innovative sectors like green hydrogen, with the launch of the Green Hydrogen Mission valued at Rs 20,000 crore. Furthermore, the country is promoting waste-to-energy projects and exploring a circular economy approach for critical minerals, ensuring a sustainable and environmentally friendly energy transition.

The Prime Minister's speech highlighted India’s ongoing green energy revolution, particularly the transformation of Modhera into the nation’s first solar village. This is part of a larger campaign to convert more villages into solar-powered communities across the country, including the ancient city of Ayodhya, which is being developed into a model solar city. Modi emphasized that the future of India’s energy strategy is deeply connected to its heritage, noting that solar energy will play a pivotal role in the nation’s economic and environmental future.

His address also reflected the aspirations of India’s citizens. He attributed the recent reelection of his government to the trust of India’s 140 crore citizens, highlighting that the youth and women of the country are propelling the nation forward. "The government’s third term will be a guarantee for a dignified life for the poor, dalits, and the deprived," he said, adding that India is on track to become the world’s third-largest economy.

The Prime Minister underscored the government's swift and transformative action in the first 100 days of its term, which included plans for building 7 crore houses, launching 12 new industrial cities, expanding e-mobility, and introducing high-speed Vande Bharat trains. He also pointed out the initiation of the viability gap funding scheme for offshore wind energy, worth Rs 7000 crore, and a plan to produce 31,000 megawatts of hydropower with an investment of Rs 12,000 crore.

Fostering Global Collaboration in Renewable Energy
The RE-INVEST summit is designed to foster global collaboration. Partner countries such as Germany, Australia, Denmark, and Norway are participating in the event, alongside key Indian states including Gujarat, Andhra Pradesh, Karnataka, Maharashtra, and Uttar Pradesh. Gujarat has a rich legacy of pioneering renewable energy initiatives, being the first state in India to establish its own Solar Policy. 

The summit will provide a platform for dignitaries, industry leaders, policymakers, and innovators to discuss and showcase cutting-edge technologies, with over 25,000 delegates from around the world in attendance.

The exhibition accompanying the summit will showcase the latest innovations in renewable energy technologies. Companies from both the public and private sectors, as well as start-ups, will demonstrate their solutions aimed at addressing the world’s growing energy demands while minimizing environmental impact.

PM Modi's vision for India’s renewable energy future is both ambitious and forward-thinking. He stressed that India’s path to becoming a developed nation by 2047 is deeply intertwined with its commitment to renewable energy. The Prime Minister outlined India’s holistic approach, which includes solar, wind, nuclear, and hydropower as central components of its energy strategy.

The government’s initiatives to promote renewable energy and foster investment in the sector are creating tremendous opportunities for both domestic and international investors. Prime Minister Modi invited global investors to participate in India’s green transition, assuring them that India offers a "guarantee of expansion and better returns."