Union Minister of New and Renewable Energy (MNRE) Pralhad Joshi announced on Monday that leading banks and financial institutions have committed almost USD 386 billion (Rs 32.45 trillion) to the development of renewable energy projects by 2030.

He was addressing at the opening ceremony of the fourth RE-Invest Summit, which was co-hosted by MNRE and CII. Joshi further stated that India's renewable energy capacity addition has increased by 175% and renewable energy generation by 86% since 2014.

"Not only is India the world's fifth largest economy, but it is also the fastest expanding. The expansion is causing an unprecedented demand for energy. "We are committed to meeting this demand in a sustainable manner," Joshi said.

He stated that India's solar energy capacity has increased 33 times since 2014. The minister also mentioned the recently launched rooftop solar initiative, PM Suryaghar Yojana, noting that around 3.5 installations had been completed to date.

Joshi stated that, while India wants to build 500 gigawatts (Gw) of renewable energy by 2030, the government has received promises of 570 Gw from the solar power industry.
 

"The solar manufacturing community has committed to producing 340 Gw of solar modules and 240 Gw of solar cells by the end of the decade. Wind developers have pledged 22 gigawatts of manufacturing capacity," Joshi said.

One of the highlights of the 4th RE-Invest was the submission of 'Shapath Patra' by renewable energy project developers, equipment manufacturers, financing businesses, and public sector entities. These 'Shapath Patras' would enlist the stakeholders' commitment to creating or funding the renewable energy supply chain. Joshi stated that India has built 200 Gw of renewable energy capacity and is on track to reach 500 Gw by 2030. This aim is one of India's commitments on global venues such as the G20 and the UNFCCC.