India pledges $400 billion in upfront investment in renewables | Today’s news
New Delhi: Global and domestic investors and renewable energy companies have invested $400 billion in India’s renewable energy space, New and Renewable Energy Minister Pralhad Joshi said on Wednesday.
The investment plans adopted at the Chief Executive Officer (CEO) Round Table at the Bharat Renewable Energy Summit were “preliminary” and the government will hold discussions with individual investors and explore their proposals, he told reporters in an interview with Joshim.
The investment commitment is almost double the planned requirement of $220 billion by the end of this decade.
“They have committed $400 billion at the CEO roundtable,” Joshi said, adding that the government will work out the details and provide a comprehensive overview of the proposed investments.
The minister said global fund managers and companies have shown interest in investing in renewable energy, green hydrogen, battery storage and transmission infrastructure.
“Even if some of the proposed investments don’t end up happening, we will still be able to meet our $220 billion investment requirement because the interest shown at the BRE Summit is almost double what we need,” Joshi added.
Grid stability
Amid concerns that the ongoing conflict in West Asia and its likely impact on the global investment scenario, the minister said international investors continue to view India favorably even in times of geopolitical uncertainty.
After the approval of the Union Cabinet dated ₹On Wednesday, Joshi said the initiative would help address concerns about grid stability and fluctuations in renewable electricity generation, with ₹14,500 crore to fund grid energy storage.
Currently, India has 308 GW of non-fossil capacity, out of a target of 500 GW by 2030. Addressing the summit on Monday, Prime Minister Narendra Modi said the government intends to add another 500 GW of non-fossil capacity in the next 10-11 years.
Joshi said the government would then push for a long-term target of around 1,800 GW by 2047.
