India Secures Rs. 32.45 Lakh Crore Financing for Green Projects

On 16th September 2024, Union Minister announced that banks and financial institutions have committed Rs. 32.45 lakh crore to finance green energy projects, pushing India's renewable energy goals forward.

Key Points

Investment Commitments: At the 4th RE-INVEST 2024, Minister emphasized that India has received significant commitments from developers, manufacturers, and financial institutions to support its renewable energy goals of 500 GW by 2030. Developers have pledged an additional 570 GW of capacity.
Manufacturing Commitments: Manufacturers have committed to expanding capacities, including 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, and 10 GW in electrolysers.
Financial Backing: Banks and financial institutions have pledged $386 billion (₹32.45 lakh crore) in funding for renewable energy projects by 2030, signaling strong confidence in India's green energy transition.
India’s Renewable Energy Growth: India is now the 5th-largest economy and one of the fastest-growing, driving a massive demand for sustainable energy solutions.
Renewable Energy Capacity Surge: Since 2014, India’s installed renewable energy capacity has seen a 175% growth, from 75.52 GW to over 207.7 GW.
This has led to an 86% rise in renewable energy generation, from 193.50 billion units to 360 billion units today.