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
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:
3rd GLOBAL RE-INVEST 2020
AIM
- It connect the global investment community with Indian energy stakeholders.
THEME 2020
TIMELINE
- It will feature a 3-day conference on renewables and future energy choices.
- The first two editions held in 2015 and 2018 respectively.
- 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
PARTICIPANTS
- 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.
- 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.
- 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.
- 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.
- 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
- 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).
- 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
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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