Prime Minister Shri Narendra Modi has inaugurated the 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) on November 26, 2020 at 5:30 PMthrough video conferencing. The summit is organised by the Ministry of New and Renewable Energy. The theme for RE-Invest 2020 is ‘Innovations for Sustainable Energy Transition’. The first two editions of RE-Invest were held in 2015 and 2018.
RE-INVEST 2020, themed ‘Innovations for Sustainable Energy Transition’ aims to accelerate the worldwide effort to scale up development and deployment of renewable energy and connect the global investment community with Indian energy stakeholders. It will feature a 3-day conference on renewables and future energy choices, and an exhibition of manufacturers, developers, investors and innovators.
RE-INVEST 2020 is expected to be attended by over 75 international Ministerial delegations, over 1000 global industry leaders, and 50,000 delegates.
Indian renewable energy sector is the fourth most attractive renewable energy market in the world. India is ranked fourth in wind power, fifth in solar power and fifth in renewable power installed capacity as of 2018.
According to the report, the renewables used for generating electricity will grow by 7% in 2020, which is in sharp contrast to other fuels. While the global energy demand is set to decline by 5%, increasing access to the grid and the continuous installation of new projects point to strong renewable electricity growth.
The report said that India would be the largest contributor to the renewable upswing in 2021, and the country’s annual additions are expected to double in 2021 compared to 2020. Many auctioned projects are also expected to become operational in 2021, which will lead to growth next year.
The ongoing COVID-19 pandemic has affected the renewable sector significantly but driven by new capacity additions, the renewable power sector has defied the pandemic and continued to grow. The solar industry remains stable as utility projects’ expansion compensated for the decline in rooftop installations.
As per the latest report, renewable capacity additions are on track for an increase of nearly 10% in 2021 globally. The United States, India, and some European countries have permitted developers to complete the projects several months after the auction deadlines that fell at the end of 2020.
In the United States, renewable capacity additions almost doubled in the first half of 2020 compared to last year, mainly driven by wind developers’ rush to commission projects to meet federal tax incentive deadlines.
Global RE-Invest explores strategies for the development and deployment of renewables. Moreover, it showcases India’s clean energy market and the Government’s efforts to scale up capacity to meet the national energy demand in socially, economically and ecologically sustainable ways. It provides an international forum to established players as well as new segments of investors and entrepreneurs to engage, idea and innovate.
The conference is also expected to be attended by over 75 international ministerial delegations, over 1000 global industry leaders, and 50,000 delegates, a statement from the Ministry said.
The foundation of new India is started, let’s hope to get the success on hands soon.
Written By Palak Thakur.