Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020)
Recently, the third Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) has been organized by the Ministry of New and Renewable Energy.
• 3rd RE-INVEST will build upon the success of the first two editions held in 2015 and 2018 and provide an international forum for investment promotion in renewable energy.
• The theme for the RE-Invest 2020 is "Innovations for Sustainable Energy Transition", and it will discuss renewables and future energy choices, and an exhibition of manufacturers, developers, investors and innovators.
Aim and objective
It aims to accelerate the worldwide effort to scale up the development and deployment of renewable energy and connect the global investment community with Indian energy stakeholders.
The meeting sends signals to the global renewable community about India's commitment to the development and scaling up of renewable energy to meet its energy requirements in a sustainable manner.
The virtual conference on renewables and future energy choices and an exhibition of manufacturers, developers, investors and innovators engaged in the clean energy sector.
It provides a great opportunity to various countries, states, business houses & organizations to showcase their strategies, achievements and expectations.
It would facilitate collaboration and cooperation with key stakeholders in India, which has emerged as one of the world's largest renewable energy markets today.
India’s performance in term of Renewable Energy
During the last six years, India's renewable energy capacity has increased by two and half times.
Solar energy capacity has increased 13 times. The share of non-fossil fuel energy sources in our power generation capacity has increased to 136 GW, or about 36 per cent of our total capacity
By 2022, the share is expected to further increase to over 220 GW.
While COVID-19 has caused significant disruption, the renewable energy sector has rebounded remarkably. The pace of bidding for RE projects since the lockdown is even faster than in the corresponding period last year.
During the last six years, over Rs 4.7 lakh crore were invested in India and it has become a favored destination for investment in renewables.
India's plans for renewables for 2030 will translate into an investment opportunity of around Rs 1 lakh crore per year.
How well India is Doing in this front?
India has very liberal foreign investment policy for renewables, allowing foreign investors, either on their own or in joint ventures with Indian partners, to set up renewable energy based power generation in India.
The efforts being taken by the government for creating an enabling ecosystem for domestic manufacturing of solar PV cells and modules.
Government schemes alone have created a domestic demand and assured market of around 40 GW of domestically manufactured solar PV cells and modules.
Recently announced Production Linked Incentive for manufacturing solar PV is expected to give a fillip to domestic manufacturing.
PM-KUSUM scheme aims to replace 20 lakh diesel pumps with standalone solar pumps, solarize 15 lakh grid connected pumps, and 10 GW decentralized solar power plants in uncultivable lands of farmers within next four years. Initiative to include solarisation of agricultural feeders under the scheme has been taken.
India is showing to the world that sound environmental policies can also be sound economics urging global investors to consider tapping the recently approved production-linked incentive scheme for manufacturing high-efficiency solar power modules in the country.
There are huge renewable energy deployment plans for the next decade. These are likely to generate business prospects of the order of around 20 billion dollars per year. India need to invite investors, developers and businesses to join India’s renewable energy journey.
PEPPER IT WITH
International Solar Alliance, National Action Plan for Climate Change, India’s INDCs