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India has been trying to rejig its energy mix in favour of green energy sources and has become one of the top renewable energy producers globally. (Pradeep Gaur/Mint)
India has been trying to rejig its energy mix in favour of green energy sources and has become one of the top renewable energy producers globally. (Pradeep Gaur/Mint)

PM Modi to address third RE-Invest today

  • A second plenary of One Sun One World One Grid is planned during the three-day marque event

NEW DELHI: Prime Minister Narendra Modi will address the third edition of global renewable energy investors’ meet and expo (RE-Invest) later today.

The marque global event, earlier held in 2015 and 2018, will be attended by the UK’s secretary of state for business, energy and industrial strategy Alok Sharma, who is also the president of the 26th United Nations Climate Change conference, to be held next year in Glasgow.

A second plenary of the ‘One Sun One World One Grid’—that seeks to transfer solar power generated in one region to feed the electricity demands of others—has also been planned during the RE-Invest. This comes in the backdrop of China’s attempt to co-opt countries into its ambitious One Belt One Road initiative.

In the run up to the RE-Invest, being held virtually in the backdrop of the coronavirus pandemic that originated in Wuhan, India’ new and renewable energy minister Raj Kumar Singh said the event provides an international forum for investment promotion in renewable energy.

The event this year also assumes importance as the US President designate Joe Biden has promised a ‘Clean Energy Revolution’. In what is being seen as a precursor of things to come from the new US administration, Biden nominated former Secretary of State John Kerry as the first US climate envoy.

Biden’s campaign promise also includes ensuring that the US “reaches net-zero emissions no later than 2050", recommitting to the Paris Agreement on the first day of his administration, and “a federal investment of $1.7 trillion over the next ten years."

The who’s who of the global clean energy landscape is expected to attend the three day RE-Invest that begins today.

With India’ solar power tariff hitting a new low of Rs2 per unit on Monday, the rapidly expanding green economy has become its calling card on climate change.

Speaking at the G-20 Summit on Sunday, PM Modi had said, “Climate change must be fought not in silos but in an integrated, comprehensive and holistic way."

“I am glad to share that India is not only meeting our Paris Agreement targets, but also exceeding them," he added.

This assumes significance in a country that is now the biggest emitter of greenhouse gases after the US and China, and is among countries most vulnerable to climate change. India plans to reduce its carbon footprint by 33-35% from its 2005 levels by 2030, as part of its commitments to the United Nations Framework Convention on Climate Change adopted by 195 countries in Paris in 2015.

India has been trying to rejig its energy mix in favour of green energy sources and has become one of the top renewable energy producers globally, with a plan to achieve 175 gigawatts (GW) by 2022 and 450GW by 2030 as part of its climate commitments. Of this, while 89 GW has been installed, 48 GW is under implementation and another 26 GW is being bid out.

The event will also see participation from the chief minister of Uttar Pradesh Yogi Adityanath, Madhya Pradesh CM Shivraj Singh Chouhan, Gujarat CM Vijay Rupani, Rajasthan CM Ashok Gehlot, Tripura CM Biplab Kumar Deb, and Himachal Pradesh CM Jai Ram Thakur.

This third edition of RE-Invest also comes at a time when an investment of Rs4.7 trillion has been made in India’ renewable energy space over the last six years, with an expected Rs1 trillion investment opportunity annually till 2030.

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