Prime Minister of India Mr. Narendra Modi inaugurated the 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) through video conferencing on 26 November 2020. The summit is organized by the Ministry of New and Renewable Energy. The theme for RE-Invest 2020 is 'Innovations for Sustainable Energy Transition.'
Report informs citing the Embassy of India in Baku.
The Prime Minister expressed happiness that in the renewable energy sector, the progress from megawatts to gigawatts in generation capacity and "One Sun, One World, One Grid" are becoming a reality, within a short time, all of which were discussed in the earlier editions. He added in the last six years, India is traveling on a remarkable journey. He pointed out that India's generation capacity and the network are being expanded to ensure that every citizen of India has access to electricity to unlock his full potential. He showcased that today, India's renewable power capacity is the 4th largest globally and is growing at the fastest speed among all major countries. India's renewable energy capacity is currently 136 Giga Watts, which is about 36% of our total capacity.
Modi expressed happiness that India's annual renewable energy capacity addition has been exceeding that of coal-based thermal power since 2017. He highlighted that India has increased installed renewable energy capacity by two and a half times in the last six years. He said investing in renewable energy early on, even when it was not affordable, has helped achieve the scale, which is bringing costs down.
"We are showing to the world that sound environmental policies can also be sound economics. We had ensured energy efficiency is not limited to one ministry or department; instead, it has been made a target for the entire government. All our policies have a consideration of achieving energy efficiency," Modi stressed.
After the success of Performance Linked Incentives (PLI) in electronics manufacturing, the prime minister has decided to give similar incentives to high-efficiency solar modules. He stressed that ensuring "Ease of doing business" is our utmost priority, and dedicated Project Development Cells have been established to facilitate investors. He announced that there are substantial renewable energy deployment plans for the next decade and are likely to generate business prospects of the order of around $ 20 billion per year. He invited investors, developers, and businesses to join India's renewable energy journey.