Rs 32.45 lakh crore pledged for green projects – EQ
In Short : At the RE-INVEST 2024 event, a commitment of ₹32.45 lakh crore (approximately $386 billion) was pledged by banks and financial institutions to support India’s green energy projects. This funding will help the nation reach its renewable energy target of 500 GW by 2030. The commitments also include expansions in manufacturing capacities for solar and wind energy infrastructure.
In Detail : NEW DELHI: Banks and financial institutions have committed around Rs 32.45 lakh crore for green projects, said New and Renewable Energy Minister Pralhad Joshi. Speaking at the inaugural session of the 4th RE-INVEST 2024, the minister also urged investors to invest in the rapidly growing renewable energy sector.
“We have received overwhelming commitments from states and UTs, as well as from developers, manufacturers, and financial institutions, to support our goal of 500 GW by 2030. Developers have committed to an additional 570 GW of capacity addition,” said the minister.
According to the minister, manufacturers have pledged additional production capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers. The event was inaugurated by Prime Minister Narendra Modi, who was joined by global and domestic investors, companies, and leaders in the energy industry.
Joshi also mentioned the significant response to the Prime Minister’s Surya Ghar Muft Bijli Yojana, which has resulted in a more than 33-fold increase in solar rooftop capacity since its announcement.
The minister highlighted that installed renewable energy capacity has grown from 75.52 GW in March 2014 to over 207.7 GW now, representing a 175% increase over the past decade.
During this period, total renewable energy generation in India has risen by 86%, from 193.50 billion units to 360 billion units. “This growth is driving unprecedented demand for energy, and we are committed to meeting this demand sustainably, with significant advancements in renewable energy,” he said.
