NEW DELHI: Prime Minister Narendra Modi will address the third edition of worldwide renewable energy investors’ meet and expo (RE-Invest) later today. A second plenary of one Sun One World One Grid is planned during the three-day marque event
The marque global event, earlier held in 2015 and 2018, are going to be attended by the UK’s secretary of state for business, energy and industrial strategy Alok Sharma, who is additionally the president of the 26th United Nations global 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 energy generated in one region to feed the electricity demands of others—has also been planned during the RE-Invest. This comes within the backdrop of China’s plan to co-opt countries into its ambitious One Belt One Road initiative.
In the run up to the RE-Invest, being held virtually within the backdrop of the coronavirus pandemic that originated in Wuhan, India’ new and renewable energy minister Raj Kumar Singh said the event provides a world forum for investment promotion in renewable energy.
The event this year also assumes importance because the US President designate Joe Biden has promised a ‘Clean Energy Revolution’. In what’s being seen as a precursor of things to return from the new US administration, Biden nominated former Secretary of State John Kerry because 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 primary day of his administration, and “a federal investment of $1.7 trillion over subsequent ten years.”
The who’s who of the worldwide clean energy landscape is predicted to attend the three-day RE-Invest that begins today.
With India’ solar energy tariff hitting a replacement low of Rs2 per unit on Monday, the rapidly expanding green economy has become its calling card on global 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.” India isn’t only meeting our Paris Agreement targets, but also exceeding them,” he added.
This assumes significance during a country that’s now the most important emitter of greenhouse gases after the US and China, and is among countries most susceptible to global climate change . India plans to scale back its carbon footprint by 33-35% from its 2005 levels by 2030, as a part of its commitments to the United Nations Framework Convention on global 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 among the highest renewable energy producers globally, with an idea to realize 175 gigawatts (GW) by 2022 and 450GW by 2030 as a 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 also will 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 Rs 1 trillion investment opportunity annually till 2030.