Germany wants to invest in India's renewable energy sector: Minister Svenja Schulze
Sep 16, 2024
Gandhinagar (Gujarat) [India], September 16 : Germany has the technical know-how and experience in the renewable energy domain and it wants to invest in India, said Svenja Schulze, Germany's Minister for Economic Cooperation and Development.
"With this technical know-how, we want to invest in India, bringing India nearer to its 500 GW renewable energy target," the German minister told ANI, on the sidelines of the three-day renewable energy-focused event Re-Invest 2024 in Gandhinagar.
"Foster renewable energies are in both (of our) interests," the German minister said.
At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
Participating at the Re-Invest 2024, the German minister said they were here in India with a large delegation to deepen the partnership between Germany and India.
"We want to foster renewable energies. We are convinced that the big challenges of the world, climate change, we can't solve these problems, but we need India to do so," the German minister told ANI.
"We need India to step up in their engagement in renewable energies. And that is something Germany has a lot of competencies," she said.
India and Germany today launched a joint platform for accelerating investments in renewable energy both in India and globally.
The new platform --the India-Germany Platform for Investments in Renewable Energies Worldwide--is a key initiative under the joint "Green and Sustainable Development Partnership (GSDP)" between the two nations.
"The platform we established today is a very important platform because India and Germany, we both are convinced that we should bring renewable energies forward," the German minister said.
"We want to do that to bring the companies together so that they do so and bring all the ones who are interested in investing in India together in this platform. Because there are some challenges. There are challenges for small and medium-sized companies to enter into the market. Dealing with these challenges, making challenges to opportunities, that is what we want to do here and why we bring this partnership forward," she added.
