India has attracted $387bn in renewable energy commitments, with developers pledging 570 GW of additional capacity. This historic investment marks a key step towards India’s ambitious 500 GW renewable target
India’s fourth Global Renewable Energy Investors Meet and Expo made history, securing investment commitments totalling $387.37bn (INR32.45 lakh crore) by 2030. Announced by Minister for New and Renewable Energy Pralhad Joshi, the event saw developers pledge to add 570 gigawatts (GW) of renewable capacity, while manufacturers committed to significant increases in production capacity.
Among these manufacturing commitments are 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers. The pledges came from a broad range of stakeholders, including developers, banks, and state governments, formalised through “shapath patras.”
Minister Joshi highlighted the country’s dedication to achieving 500 GW of renewable energy capacity within the next six years. He urged corporate leaders to collaborate with the government in reaching this ambitious goal, underscoring India’s leadership in the global shift towards sustainable energy.
One of the notable achievements of India’s renewable energy efforts under the Modi government’s third term has been the launch of six gigawatts of renewable energy between June and August 2024, exceeding the original target of 4.5 GW. Additionally, the completion of two solar parks and the increase in non-fossil fuel installed capacity to 207.76 GW further reflect the country’s progress in this sector.
With the investments and commitments secured, India is poised to become a major player in global renewable energy, advancing its goals for a cleaner, greener future.