Need Rs 30 trn investment for 500 GW renewables by 2030: Minister Joshi

Union New & Renewable Energy Minister Pralhad Joshi on Monday said as much as Rs 30 lakh crore is required to meet the target of 500 GW by 2030.

He also announced that Prime Minister Narendra Modi will inaugurate the 4th RE-INVEST 2024, a global summit for renewables.

The fourth edition of the Global Renewable Energy Investors Meet & Expo(RE-INVEST) 2024 is scheduled from September 16 to 18 at Mahatma Mandir Convention & Exhibition Centre in Gandhinagar, Joshi told reporters in a curtain raiser press conference here.

He said that India requires Rs 30 lakh crore investment to meet the ambitious target of having 500 GW of renewable energy by 2030.

Earlier three RE-INVEST conferences were organised, including one in virtual mode and two in Delhi, he added.

This is the first RE-INVEST to be held in Gujarat.

"We thought that Gujarat is the right place to organise the conference to achieve the 500 GW renewable energy target by 2030," he said, citing the example of Vibrant Gujarat.

He also informed that India presently has 203GW of renewable energy capacity.

The minister stated that there will be a session on startups.

The 4th edition of RE-INVEST will explore the future of renewable energy by delving into key trends, emerging technologies, and policy frameworks that are shaping the global renewable energy landscape.

This prestigious event will feature approximately 40 sessions, including a Chief Ministerial Plenary, a CEO Roundtable and technical sessions.

RE-Invest is recognised globally as a leading platform for bringing together key stakeholders in the renewable energy sector, including government officials, industry leaders, investors, researchers and policymakers.

A dedicated exhibition will also highlight the latest renewable energy technologies and solutions, offering participants a glimpse into the cutting edge of the industry.

Earlier in the day, Joshi reviewed the progress of work to organise RE-INVEST at Mahatma Mandir.