3rd Global RE-INVEST 2020 | UPSC

3rd Global RE-INVEST 2020 | UPSC

      HEADLINES:

Prime Minister to inaugurate REINVEST- 2020 on 26 November 2020

      WHY IN NEWS:

  • Prime Minister Shri Narendra Modi will inaugurate the virtual 3rd Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), on 26 November 2020.
  • It will be held from 26 – 28 November 2020 on a Virtual Platform
MINISTRY? :- Ministry of New and Renewable Energy
SYLLABUS COVERED: GS 3: Energy

      LEARNING: 

For PRELIMS go through aim , theme 2020 , key focus areas and the quick facts at the end of the article.

For MAINS it is important to go through the significance and the progress ; value chain in renewable energy of India. Let us dive in !

      CONTEXT: 

In India during the last 6 years, over Rs 4.7 lakh crore were invested and India has become a favoured destination for investment in renewables

3rd GLOBAL RE-INVEST 2020

3rd Global RE-INVEST 2020 | UPSC

AIM

RE-INVEST 2020 aims to accelerate the worldwide effort to scale up development and deployment of renewable energy. 

  • It connect the global investment community with Indian energy stakeholders.

THEME 2020

RE-INVEST 2020, theme- ‘Innovations for Sustainable Energy Transition

TIMELINE

  • It will feature a 3-day conference on renewables and future energy choices.

It is an exhibition of manufacturers, developers, investors and innovators. 

  • The first two editions held in 2015 and 2018 respectively.

Previous editions

  • The summits provided an international forum for investment promotion in renewable energy.

KEY FOCUS

  • Big market
  • Strong economy
  • 100% FDI in the RE Sector
  • Robust political and judicial system
  • Constantly enhancing ease to do business
  • RE PPAs designed to protect investment and ensure timely payments

PARTNERS

partner reinvest 2020

PARTICIPANTS

RE-INVEST 2020 is expected to be attended by over 75 international Ministerial delegations, over 1000 global industry leaders, and 50,000 delegates.
 

  • The Secretary of State for Business, Energy and Industrial Strategy, UK & President COP-26 will be present.
  • The Minister of Energy, Utilities and Climate, Denmark will attend and speak in the inaugural session.
  • Ministerial Delegations from across the world, global industry leaders are expected to participate in the event.

SIGNIFICANCE

  • It will also send signals to the global renewable community about India’s commitment to the development and scaling up of renewable energy.

The event will provide a great opportunity to various countries, states, business houses & organizations to showcase their strategies, achievements and expectations.

  • It would facilitate collaboration and cooperation with key stakeholders in India.
  • Today India has emerged as one of the world’s largest renewable energy markets .

THE EVENT

  • The event will include 6 focused country sessions, alongside over 20 plenary and technical sessions, a special Chief Ministerial plenary session.
  • Over 200 speakers including around 80 international speakers will speak in various sessions.
  • In India during the last 6 years, over Rs 4.7 lakh crore were invested and India has become a favoured destination for investment in renewables. 

Best practices, Innovations and success stories on a customized official digital platform to focused partners and investors. 

  • By 2022, the share is expected to further increase to over 220 GW. 

COVID-19 AND RENEWABLE ENERGY TARGETS

  • COVID 19 has caused significant disruption, the renewable energy sector has rebounded remarkably.
  • The pace of bidding for RE projects since the lock down is even faster than the for the corresponding period last year.

The PM- KUSUM scheme,  which  aims to replace 20 lakh diesel pumps with stand-alone Solar Pumps, solarize 15 lakh grid connected pumps

  • India’s plans for renewables for 2030 will translate into an investment opportunity of around Rs 1 lakh crore per year.
  • Government schemes alone have created a domestic demand and assured market of around 40 GW.
  • India has very liberal foreign investment policy for renewables, allowing foreign investors, either on their own or in joint ventures with Indian partners.

EXHIBITIONS AT RE-INVEST 2020

  • RE-INVEST also includes an exhibition with over 100 exhibiting companies.

The 3rd Global RE-INVEST provides an opportunity to RE stakeholders from across the globe to showcase Renewable Energy Products, Services and Technologies.

  • In this time when travel is restricted, and the world is progressing through the virtual medium.
  • The third RE-INVEST will provide businesses and efforts the right linkages to enhance their value chain.

QUICK FACTS

  • Solar capacity has increased in the last 5.5 years from around 2.6 gw to more than 34 gw.
  • World’s largest renewable energy expansion programme 175 gw till 2022

3rd Global RE-INVEST 2020 | UPSC

  • Renewable energy has a share of 23.39% in the total installed generation capacity in the country i.E. 368.98 gw (upto 29th february, 2020).

India is now at 5th global position for overall installed renewable energy capacity

  • Solar power tariff reduced by more than 75% using plug and play model
  • About 19 times higher solar pumps  installed between 2014-19 | 2.25 lakh versus upto 2014 – 11,626
  • Renewable energy installed capacity increased 226% in last 5 years
  • Solar park scheme doubled from 20gw to 40gw
  • The cheapest/record of low solar tariff rs 2.44/unit achieved in bhadla, rajasthan

The share of non-fossil fuel energy sources in our power generation capacity has increased to 136 GW, or about 36 per cent of our total capacity.

      IASbhai WINDUP: 

  • RE-INVEST is also an step in this ongoing process which will inform about the Government’s plans and programmes .
  • It also foster engagement among industry, investors and other stakeholders to take forward India’s renewable growth story.
     SOURCES:  PIB  | 3rd Global RE-INVEST 2020 | UPSC

 

DISCOVER MORE : GENERAL STUDIES-III

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