REINVEST 2024: Boosting Investments and Innovations in the RE Sector

The renewable energy sector in India is at the forefront of the country’s energy transition goal and is set to play a major role in achieving the ambitious climate goals. With the government’s commitment to achieving the 500GW energy through renewable energy by 2030 as well as the net-zero emissions by 2070, the sector is witnessing unprecedented growth. 

To boost India’s position as a key player in this sector and drive more innovation and investments, The Ministry of New and Renewable Energy (MNRE), Government of India, in partnership with the Confederation of Indian Industry (CII) and IREDA, organised the 4th Global Renewable Energy Investment Meet & Expo (RE-INVEST) from 16-18 September 2024 at Mahatma Mandir, Gandhinagar, Gujarat. The event provided a platform for government officials, industry leaders, investors, researchers, and policymakers to come under one roof and steer the global renewable energy landscape. 

PREVIOUS REINVEST EDITIONS 

REINVEST is a flagship event of the Government of India, showcasing the nation’s leadership in the RE sector, positioning itself as an attractive destination for investments, and inspiring the world through unique innovations.

The first edition of REINVEST took place in 2015, second in 2018 and the third in 2020. Over the years, the event has successfully attracted an increasing number of  global and Indian participants, growing with every edition and complementing the expanding RE sector as well. 

REINVEST 2024 was attended by over 25,000 delegates with 250 international delegates, 363 companies and 250 speakers, making this edition one of the largest till date. 

MAJOR TAKEAWAYS 

REINVEST 2024 touched upon many main themes that are guiding the RE sector today and some of the key takeaways from the event were:

• Financial instruments like green and ESG bonds, InvITs and other hybrid products are needed to bring new ways to finance the sector as well as recycle capital. 
• To realise the goal of 5 MMT by 2030 under the National Green Hydrogen Mission, India must look at the bottlenecks and how to adopt hydrogen at scale. 
• India ranks fourth globally in total wind installations and there is potential to reach 100 GW by 2030. This means that both onshore and offshore wind projects need more investments, easier entry and exit and risk mitigation. 
• India ranks fifth in Solar Power capacity and to be able to harness the energy of sun, India must bring in innovative cell technology to reduce its cost of energy transition. 
• Clean energy supply chains play a major role in positioning India as an attractive manufacturer and exporter of renewable energy. 
• Women make up only 32 per cent of the workforce in the RE sector at the global level and there is a need to address this gender gap. India will create 3.4 million jobs by 2030 through its development of solar and wind energy alone and women participation must be a priority. 
• India has committed to net zero emissions by 2070, as outlined in its Nationally Determined Contribution (NDC) and to achieve this the National Hydrogen Mission, the Production Linked Incentive (PLI) and FAME scheme must be implemented properly. These schemes aim to bring more innovation, attract investments, and promote sustainable development.
• As the world shifts more towards a RE economy, there is an urgent need to recycle and reuse the end life and mid-life material waste material waste that is generated. The push towards a circular economy will help address this issue as it will increase resource efficiency and create a positive narrative for investors. 
• Silling the workforce is essential to increase the productivity of resources and assist global mobility. 

THE ROAD AHEAD 

With India already having achieved the benchmark of 200 GW of non-fossil power capacity, the pathway to 500 GW by 2030 is not a distant dream. There is an urgent need for Indian states to collaborate with each other and global leaders who can bring in expertise and advanced technology. Green investments and financing must be scaled up to address the financial gaps in the RE as it is a capital intensive sector. 

Innovative policies, supportive regulatory frameworks, and strong public-private partnerships will be key in driving this growth. Together, these efforts will enable India to lead the global renewable energy revolution.