German Development Minister, Svenja Schulze, greeted Indian Prime Minister Narendra Modi at the Germany Pavilion during the 4th Global Renewable Energy Investor's Meet (RE-INVEST) 2024 on Monday.
Svenja Schulze is on a three-day visit to Gujarat. She is representing Germany as a partner country at the investor conference dedicated to renewable energy. Schulze is being accompanied by a business delegation of some twenty representatives of the renewables sector.
On the sidelines of the conference, Schulze will discuss closer cooperation on expanding renewable energy sources with the Indian government. India is a key country for the global energy transition and intends to become the second largest solar producer worldwide, the statement said.
PM Modi inaugurated RE-INVEST 2024 in Gujarat's Gandhinagar district today.
Hosted by the Ministry of New and Renewable Energy (MNRE), the three-day conference is anticipated to draw over 10,000 delegates, including influential figures from government, industry, and financial sectors.
The central theme of RE-INVEST 2024 is Mission 500 GW, which underscores India's strategic goal to expand its renewable energy capacity significantly by 2030. As the 4th largest country globally in installed renewable energy capacity, India aims to further consolidate its leadership in the global energy transition.
Schulze termed the Indo-German cooperation on energy transition as a "success story" for all sides.
"The Indo-German cooperation on the energy transition is a success story for all sides. The most populous country on Earth is on track for a boom in renewable energy and wants to become the second-largest producer of solar systems after China. First and foremost, this is good for India which can thus provide affordable renewable energy for its people, create millions of new jobs and contribute to clean air and a more stable climate," Schulze said.
"Germany, too, can benefit from this boom: German companies are investing in India. Associations are setting up exchange programmes for experts and German importers will finally have an alternative to sourcing solar systems from China. But ultimately the entire world will benefit if India accomplishes an energy transition. Climate change can only be stopped if more and more of the 1.4 billion people in India get their power from wind and solar energy," she added.
India's engagement is also important for Germany's energy security. The country wants to become the second-largest producer of solar systems worldwide and is striving to establish itself as a competitor on the global market, alongside China. Germany and the world will benefit from more competition in the market and if energy supply does no longer depend on a number of specific countries, Germany's Federal Ministry for Economic Cooperation and Development stated.
Indo-German sustainability cooperation involves projects with a total volume of roughly 1 billion euros a year, 90 per cent of which is provided in the form of loans, for which KfW bank in Germany raises funds on the capital market. India repays the loans with interest.
(ANI)