Indo-German Green Project Funding Platform at RE-INVEST 2024

New Delhi, Sep 11 (PTI) New & Renewable Energy Minster Pralhad Joshi on Wednesday said an Indo-German platform will be launched for investment in green projects worldwide at the Global Renewable Energy Investor's Meet and Expo 2024 next week.

However, the minister did not provide details about the platform.

He was speaking at a press briefing on the event.

This assumes significance in view of India's ambitious target of having 500 GW of renewable energy capacity by 2030. India has already added over 200 GW of renewable energy capacity in the country.

India requires an investment of Rs 30 lakh crore to achieve its target of 500 GW of Renewable Energy by 2030, the minister noted.

He informed that Germany, Denmark, Australia and Norway are country partners for the event.

Alongside, Joshi said, "We are expecting delegations from Australia, Denmark, Germany, Norway, Singapore, Hongkong, USA, UK, Belgium, European Union, Oman, UAE and many more".

German and Danish delegations will be led by their ministers. These delegations will comprise policymakers, industries, financial institutions etc, he added.

"Like all previous editions, the Prime Minister of India will inaugurate the event this year also on September 16," he noted.

The valedictory session will be chaired by Vice President of India Jagdeep Dhankar.

Several other states like Rajasthan, Andhra Pradesh, Maharashtra, Karnataka, Goa, Madhya Pradesh, Uttar Pradesh, Punjab, Nagaland, Telangana, Delhi and Arunachal Pradesh are also participating.

Many chief ministers and ministers of state governments will be attending the conference, he stated.

He said the event will witness state governments giving their firm commitments in the form of Shapath Patra, specifying their plans/targets for the renewable energy sector.

All major Banks and financial institutions will also be giving Shapath Patra about their proposed loans/funding in the RE sector. Besides, developers, manufacturers, private equities investors, and top vendors will also pledge their contribution to the sector, the minister added.

This is the first time that the event will be held outside Delhi, and there can't be a better choice than Gujarat, as the state is one of the largest producers of renewable energy, with a total of more than 28 GW of installed capacity in the country, he said.

The state has set an ambitious target of achieving a cumulative 100 GW of installed RE capacity by 2030, attracting an investment of Rs five lakh crore, he added.

The industry has been an important co-traveller in the renewable energy journey, and therefore, we have the Confederation of Indian Industry (CII) as an industry partner, he added.