Ready to invest in India’s Renewable Energy sector: German Minister to News9 | Biz News

Germany Development Minister Schulze explained how her country can help India in renewable energy sector.

Germany Minister Svenja Schulze speaks to News9

New Delhi: Germany’s Development Minister Svenja Schulze is in India for a three-day visit to Gujarat. She is representing her nation as a partner country at the investor conference dedicated to renewable energy. The minister is accompanied by a business delegation of approximately twenty representatives from the renewables sector. Prime Minister Narendra Modi inaugurated the 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) in Gandhinagar on September 16, 2024.

Schulze is attending the conference to discuss closer cooperation on expanding renewable energy sources with the Indian government. India is a key country for the global energy transition and aims to become the second-largest solar producer worldwide.

India and Germany signed a strategic partnership, the Indo-German Green and Sustainable Development Partnership, which was agreed upon in 2022 by Prime Minister Narendra Modi and Federal Chancellor Olaf Scholz.

PM Modi opened the conference on September 16. Around 10,000 participants are expected to attend the three-day event, the majority being business representatives. Minister Schulze is accompanied by a German business delegation representing 20 small and medium-sized German enterprises and business associations from the renewable energy industry.

Minister Schulze and Pralhad Joshi, India’s Union Minister for New and Renewable Energy, launched the ‘India-Germany Platform for Investments in Renewable Energy Worldwide’. The platform aims to bring together German and Indian companies in the field of renewable energy and to generate investment for the global energy transformation.

Speaking exclusively to News9, Minister Schulze said Germany and India have launched a platform for investments in renewable energy, which will accelerate India’s energy transition. “It is a forward-looking step for India and Germany to accelerate renewable energy. India has a huge market, and many people need renewable energy, while Germany has industries and technical knowledge. The collaboration of companies and governments will foster development,” she said.

When asked what sort of investment this platform could channel into green energy over the next 10 years in India, the German minister replied that it will help India in reaching its ambitious target. “Prime Minister Narendra Modi set a target of 500 Gigawatts, and to achieve that, you need technology and companies. Germany is ready to bring technology and companies to help India achieve this target,” Schulze said.

Notably, PM Modi outlined the nation’s goal to achieve 500 GW of renewable energy by 2030, stating that the government has turned the green transition into a people’s movement.

The German development minister noted that the ‘innovative’ small and medium-sized enterprises and new-age start-ups in India are crucial for the growth of renewable energy in the country.

“Besides public money, we also want private investment, so we are working to bring the framework together through this platform, and we hope that it will attract more private investment,” the German minister added.

When asked whether government funds or grants are available for Indian green technology start-ups, Schulze said that special programmes are available to foster renewable energy. “We want to bring all participants on board. For example, we are used to working with the World Bank and other international associations, and we aim to bring everyone on board to achieve our goals,” she said.

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