Sound environmental policies can be sound economies: PM Modi at Re-Invest 2020

PM Modi during his address at the inauguration of Re-Invest 2020 noted that even when it was not affordable, India invested in renewable energy. 

Created On: Nov 26, 2020 19:55 ISTModified On: Nov 26, 2020 19:55 IST
PM Modi inaugurates RE-INVEST 2020

Prime Minister Modi on November 26, 2020, virtually inaugurates the 3rd edition of the Global Renewable Energy Investment Meeting and Expo (Re-INVEST 2020) in a bid for providing an international forum for investment promotion in the sector of renewable energy.

Along with PM Modi, the Minister of Energy, Utilities and Climate, Denmark, President COP-26, and the Secretary of State for Business, Energy and Industrial Strategy, UK will also be addressing the inaugural session.

The forum will also include a two-day virtual conference on renewable energy choices and an exhibition of developers, manufacturers, innovators, and investors engaged in the clean energy sector. RE-INVEST 2020 will build upon the success of the first two editions which were held in 2015 and 2018.

India's renewable power energy capacity 4th largest in the world: PM Modi at Re-Invest 2020

Prime Minister Modi during his address at the Global Renewable Energy Investment Meeting and Expo underlined that the renewable power energy capacity in India is the 4th largest all over the world. In India, renewable energy capacity is currently 136 Gigawatts, which is about 36% of our total capacity.

He further added that in the last 6 years, India has increased its installed renewable energy capacity by two and a half times. 

Sound environmental policies can be sound economies: PM Modi

PM Modi during RE-Invest 2020 particularly noted that even when it was not affordable, India invested in renewable energy, and now our investment and scale are bringing the costs down. India is clearly showing to the world that sound environmental policies can be sound economies. 

Objective of Re-Invest 2020:

According to the Minister of Power, and New and Renewable Energy, RK Singh, the meeting will send a signal to the global renewable community about the Indian government’s commitment to the scaling up and development of renewable energy to meet its energy requirements in a sustainable manner.

Renewable energy capacity increased in India:

The Union Minister stated that in the last 6 years in India, over 4.7 lakh crores have been invested and now India has become a favored destination for the investment in renewables. He also highlighted that even though Corona has caused the disruption, the renewable energy sector in India has rebounded remarkably.

India’s renewable energy capacity, in the last 6 years, has increased by two and half times and solar energy capacity has increased over 13 times. The non-fossil fuel energy sources in India’s power-generation capacity have increased to 136 GW or about 36% of total capacity and by 2022 the share is expected to be further increased by 220GW.

RK Singh also informed about the government’s efforts of enabling the ecosystem for the domestic manufacturing of solar PV cells and modules. The scheme of the Indian government alone has created an assured market and domestic demand of around 40GW of domestically manufactured solar PV Cells and Modules.

Role of Renewables in the farm sector:

Under PM-KUSUM Scheme which aims at replacing 20 lakh diesel pumps with solar pumps, 15 lakh solarized grid-connected pumps and 10GW decentralized solar power plants will be planted in the cultivable lands within the next 4 years.

In addition, the initiative for including solarization of agricultural feeders under the PM-KUSUM Scheme has also been undertaken which will significantly reduce the subsidy burden of states.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS
Whatsapp IconGet Updates

Just Now