Enhancing Financial Investments and Encouraging Technological Advancements within the Real Estate Industry - REINVEST 2024
India took a significant step forward in its commitment to a sustainable future with the 4th Global Renewable Energy Investment Meet & Expo (RE-INVEST) held from 16-18 September 2024 in Mahatma Mandir, Gandhinagar, Gujarat. This flagship event of the Government of India, showcasing the nation's leadership in the renewable energy sector, attracted over 25,000 delegates, including 250 international delegates, 363 companies, and 250 speakers.
The renewable energy sector is at the forefront of India's energy transition goal. With 200 GW of non-fossil power capacity already achieved, India is on a path to reach 500 GW by 2030. However, to achieve the ambitious goal of 5 MMT under the National Green Hydrogen Mission by 2030, India needs to address bottlenecks and learn how to adopt hydrogen at scale.
India's commitment to net-zero emissions by 2070 was evident at RE-INVEST 2024. The government plans to implement the National Hydrogen Mission, Production Linked Incentive (PLI), and FAME scheme to promote innovation, attract investments, and foster sustainable development. The country also aims to reach 100 GW in wind power installations by 2030, requiring more investments, easier entry and exit, and risk mitigation for onshore and offshore wind projects.
RE-INVEST 2024 provided a platform for government officials, industry leaders, investors, researchers, and policymakers to discuss and strategize on these challenges and opportunities. The push towards a circular economy was a key topic, with the need to address the issue of recycling and reusing end-life and mid-life material waste in the renewable energy sector being highlighted.
Financial instruments like green and ESG bonds, InvITs, and other hybrid products were also discussed as potential solutions to bring new financing methods and recycle capital in the renewable energy sector. Upskilling the workforce is essential to increase resource productivity and assist global mobility, and India aims to prioritise women's participation as it develops solar and wind energy. The sector currently has a global workforce of 32% women, but India expects to create 3.4 million jobs by 2030 and is aiming for a higher representation.
The first edition of RE-INVEST took place in 2015, and over the years, it has successfully attracted an increasing number of global and Indian participants. The event was organized by the Ministry of New and Renewable Energy (MNRE), Government of India, in partnership with the Confederation of Indian Industry (CII) and IREDA. The name of the speaker who gave the opening address at the event was not publicly disclosed.
India ranks fifth globally in solar power capacity and is looking to bring in innovative cell technology to reduce the cost of energy transition. With RE-INVEST 2024, India reaffirmed its position as an attractive destination for investments in the renewable energy sector. Collaboration with other states and global leaders, green investments, and supportive policies will be crucial in driving India's growth in the renewable energy sector and leading the global renewable energy revolution.
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