India’s renewable power capacity is 4th largest in the world, says PM Modi at RE-Invest 2020

Prime Minister Narendra Modi during his speech at RE-Invest 2020 on Thursday said that India in last 6 years has increased its installed renewable energy capacity by two and half times and that the country’s renewable power capacity is 4th largest in the world.

“You would be happy to know that our annual renewable energy capacity addition has been exceeding that of coal based thermal power since 2017. In the last 6 years, we increased our installed renewable energy capacity by two and half times,” the prime minister said.

Further in his speech, PM Modi said that for next 10 years, India has huge renewable energy deployment plans which will likely generate business opportunities of 20 billion dollars per year.

“Today, India’s renewable power capacity is the 4th largest in the world. It is growing at the fastest speed among all major countries.The renewable energy capacity in India is currently 136 Giga Watts, which is about 36% of our total capacity,” PM Modi said.

The prime minister was virtually speaking at the third Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020), a 3-day summit organised by the Ministry of New and Renewable Energy.

‘Huge plans for next decade’

“There are huge renewable energy deployment plans for the next decade,” PM Modi declared at the conference. “These are likely to generate business prospects of the order of around 20 billion dollars per year. I invite investors, developers and businesses to join India’s renewable energy journey,” he added.

PM Modi further said that India is a perfect example of sound environmental policies also proving to be sound economics. “Even when it was not affordable, we invested in renewable energy. Now our investment and scale is bringing costs down. We are showing to the world that sound environmental policies can also be sound economics,” the prime minister said.

This year’s theme for RE-Invest 2020 summit is ‘Innovations for Sustainable Energy Transition’ and it is being attended by over 75 international ministerial delegations, over 1,000 global industry leaders and 50,000 delegates. The summit will discuss renewables and future energy choices, and an exhibition of manufacturers, developers, investors and innovators.

By Hindustan Times

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