Germany, India deal to boost renewable energy investments

Admin l Tuesday, Sept.17, 2024

BERLIN – Germany is strengthening its partnership with India in the renewable energy sector by launching a new platform to facilitate collaboration and market access for German companies.

German Development Minister Svenja Schulze launched the new platform for renewable energy investments on Monday alongside Indian Minister for New and Renewable Energy Pralhad Joshi.

The platform aims to streamline collaboration between businesses from both countries, with Schulze highlighting India as a rapidly growing market.

“This is a market that is developing and will definitely grow,” Schulze said of India.

Schulze represented Germany at the Global Renewable Energy Investor’s Meet (RE-INVEST) in the Indian state of Gujarat, an event organized by the Indian government to attract global investors.

Schulze said navigating the Indian market presents challenges for German companies.

It was difficult for companies to find a point of contact, Schulze said. “That’s why we want to launch this platform to create this access,” she added.

Schulze’s department was aligning all of its development cooperation with India with the partnership for green and sustainable development that Germany and India agreed upon in 2022.

The German minister also highlighted India’s influence in the global South and the positive reputation of “technology made in Germany.”

“We can help to advance the renewable energy market more quickly,” she said.

India has set ambitious goals to expand its renewable energy capacity, aiming to increase the installed capacity from over 200 gigawatts to 500 gigawatts by 2030, with a focus on solar and wind power.