This edition of RE-Invest will also host the meeting of energy ministers of Indian Ocean Rim Association (IORA) countries.
The first edition of the RE-Invest was held in 2015 – the year when India proposed the concept of International Solar Alliance (ISA) in January and then finally got it launched with the support of solar-rich nations, led by France, on the eve of the historic UN climate summit in Paris on November 30.
The 2nd Global RE-Invest is aimed at building upon the success of RE-Invest 2015 and providing an international forum to established players as well as new segments of investors and entrepreneurs to engage, ideate and innovate on renewable energy sector involving solar, wind, geo-thermal and biomass-based clean energy generation.
The RE-Invest will be organised by the country’s new and renewable energy ministry in partnership with the ISA which is headquartered in India. The summit will showcase India’s renewable energy potential and the government’s efforts to scale up capacity to meet the national energy requirement in a socially, economically and ecologically sustainable manner.
After being inaugurated here at Vigyan Bhawan, the sessions of RE-Invest will move to India Expo Centre, Greater Noida during October 3-5.
As far as India is concerned, the country intends to generate 175 GW of electricity from renewable sources of energy – solar (100GW), Wind (60GW), biomass (10GW) and small hydro (5GW) – by 2022.
The India and France-led ISA — international treaty-based alliance of 121 solar-rich nations — had become a legal entity in December last year. Its aim is to undertake joint efforts to reduce the cost of finance and the cost of technology and mobilise more than US $1000 billion of investments by 2030 for massive deployment of solar energy across 121 potential member-countries.
Its first Assembly next month will review the progress made by the countries in this direction and find ways to move towards its goal of mobilising finance for increasing solar energy footprints.