German Development Minister greets PM Modi at 4th Global Renewable Energy Investor's Meet
Gandhinagar (Gujarat): German Development Minister, Svenja Schulze, greeted Prime Minister Narendra Modi at the Germany Pavilion during the 4th Global Renewable Energy Investor's Meet (RE-INVEST) 2024 on Monday. Schulze is on a three-day visit to Gujarat, where she is representing Germany as a partner country at the investor conference dedicated to renewable energy.
Germany participates as partner country in RE-INVEST 2024
Schulze is being accompanied by a business delegation consisting of around twenty representatives from the renewable energy sector. The conference, hosted by the Ministry of New and Renewable Energy (MNRE), is expected to draw over 10,000 delegates, including influential figures from government, industry, and financial sectors.
Indo-German cooperation highlighted as a success story
On the sidelines of the conference, Schulze will discuss closer cooperation on expanding renewable energy sources with the Indian government. She referred to the Indo-German cooperation on energy transition as a "success story" for both nations. “The Indo-German cooperation on the energy transition is a success story for all sides,” Schulze stated, emphasising the potential benefits for India, which seeks to become the second-largest producer of solar energy worldwide.
India's role in global energy transition recognised
India, a key player in the global energy transition, intends to become the second-largest solar energy producer in the world, as stated by Schulze. Prime Minister Modi inaugurated the RE-INVEST 2024 conference today in Gujarat's Gandhinagar district. The central theme of RE-INVEST 2024 is Mission 500 GW, which underscores India’s strategic goal to significantly expand its renewable energy capacity by 2030. India already ranks as the fourth-largest country globally in installed renewable energy capacity.
German companies set to invest in India’s renewable energy sector
Germany stands to gain from India's renewable energy boom, as Schulze explained. German companies are investing in India, and associations are establishing exchange programmes to further collaboration. The expansion of India’s solar capacity will provide affordable renewable energy, create millions of jobs, and contribute to a cleaner environment.
Germany sees Indian energy engagement as vital for global market
Schulze added that India's engagement is important not only for Germany but also for global energy security. Germany and the world will benefit from a diversified market for solar energy systems, reducing dependency on any single country. Indo-German sustainability cooperation involves projects worth approximately 1 billion euros annually, with 90 per cent provided as loans raised by KfW bank, and India repaying these loans with interest.
(With ANI inputs)
