As India strives to be a key player in clean energy generation, Madhya Pradesh aims to transform into a major destination of renewable energy generation by using its rich natural source base
To explore possibilities and utilise existing opportunities, the state will organise its 7th edition of Madhya Pradesh Global Investors Summit 2023 on 11 January. It is a flagship investment promotion event of Government of Madhya Pradesh based on the theme of Renewable Energy. The session will include industry captains, sector experts and government officials, to discuss future of Renewable Energy and explore investment opportunities in the state.
Renewable energy, also known as clean energy, is typically produced from natural resources that are constantly replenished. Due to innovation in ways of harnessing the wind and solar energy, decreased pollution, and low maintenance costs; governments in both developing and developed nations are encouraging production of renewable energy.
The market for renewable energy is anticipated to increase to $1977.6 billion by 2030, with a CAGR of 8.4%. Around 7% of the world’s energy needs are met by renewable energy sources.
The Asia-Pacific region accounts for major share of the global market because of the increasing demand. India has aimed to reach net-zero greenhouse gas (GHG) emissions by the year 2070 and by 2030 India will take its non-fossil power capacity to 500 GW.
India is world’s 4th largest country with installed capacity of 147 GW, world’s 3rd largest consumer of electricity and world’s 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 (160 GW of 400 GW) coming from renewable sources.
The government’s increased backing and the improvement in the economy have made the sector more appealing to investors. Renewable energy will be crucial as India attempts to satisfy its own energy needs, which are anticipated to total 15,820 TWh by 2040.
