PM Modi to inaugurate RE-INVEST 2020
Prime Minister Narendra Modi will inaugurate the virtual third Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), on 26 November. United Kingdom’s Secretary of State for Business, Energy and Industrial Strategy, and President COP-26, and Denmark’s Minister of Energy, Utilities and Climate will address the gathering for the inaugural session.
A two-day virtual conference will be held on future energy choices and renewables. Global industry leaders and Ministerial Delegations are expected to be present at the event, which will comprise of six focused country sessions, 20 plenary and technical sessions, a special Chief Ministerial plenary session. According to RK Singh, Minister for New and Renewable Energy, the third edition of RE-INVEST follows the success of the first two editions in 2015 and 2018.
India’s renewable energy capacity has increased manifold over the last six years. The country has invested over Rs 4.7 trillion, making India more attractive for investment in renewables. The share of non-fossil fuel energy sources is expected to increase to over 220 GW by 2022. The country plans to invest Rs 1 trillion per year for renewables for 2030.
The government recently announced production-linked incentive (PLI) to encourage the domestic manufacturing of solar PV cells and modules. Within the next four years, the PM-KUSUM scheme aspires to solarise 1.5 million grid connected pumps, replace 2 million diesel pumps with stand-alone solar pumps, and 10 GW decentralised solar power plants in uncultivable lands of farmers.