Fourth Global Renewable Energy Investors’ Meet and Expo (RE-INVEST)

Syllabus: GS3/Environment and Conservation

Context

• The Prime Minister inaugurated the fourth Global Renewable Energy Investors’ Meet and Expo (RE-INVEST) in Gujarat.
  • It is a global platform bringing together key players in the renewable energy sector. 

About

• Gujarat has pledged renewable energy capacity addition of 128.60 GW by 2030 — the highest among all the States. 
• Andhra Pradesh has committed to adding 72.60 GW capacity, followed by Maharashtra, Rajasthan and Uttar Pradesh at 62.73 GW, 57.71 GW, and 47.63 GW, respectively.

Renewable Energy in India

• Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed.
  • They are more sustainable and environmentally friendly because they produce little to no greenhouse gases or pollutants. 
• India stands 4th globally in Renewable Energy Installed Capacity, 4th in Wind Power capacity & 5th in Solar Power capacity (as per REN21 Renewables 2024 Global Status Report).
• India has already achieved its target of 40% installed electric capacity from non-fossil fuels in 2021 itself.

India’s Targets

• India has a vision is to achieve Net Zero Emissions by 2070, in addition to attaining the short-term targets which include:
  • Increasing renewables capacity to 500 GW by 2030,
  • Meeting 50% of energy requirements from renewables,
  • Reducing cumulative emissions by one billion tonnes by 2030, and
  • Reducing emissions intensity of India’s gross domestic product (GDP) by 45% by 2030 from 2005 levels. 

Steps Taken by Government for Transition to Renewable Energy Sources

• National Solar Mission (NSM): It was launched in 2010, it has set ambitious targets for solar capacity installation, including grid-connected and off-grid solar power projects. 
• Green Energy Corridors: The Green Energy Corridor project focuses on enhancing the transmission infrastructure to facilitate the integration of renewable energy into the national grid. 
• National Wind Energy Mission: Focuses on the development and expansion of wind energy in India. The target for wind energy capacity is set at 140 GW by 2030.
• National Clean Energy Fund (NCEF): It was established to support research and innovation in clean energy technologies and projects that help in reducing greenhouse gas emissions.
• Renewable Purchase Obligation (RPO): This requires power distribution companies and large electricity consumers to procure a certain percentage of their power from renewable sources, encouraging the demand for renewable energy.
• Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM): It includes the installation of solar pumps, solarization of existing grid-connected agricultural pumps, and the establishment of solar power plants on barren or fallow land.
• International Solar Alliance (ISA): India played a key role in establishing the International Solar Alliance, a coalition of solar-resource-rich countries to address their energy needs through the promotion of solar energy. 

Source: TH