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Prahlad Joshi, India's Union Minister for New and Renewable Energy, on Monday, said that the banks and financial companies have committed $386 billion towards green energy projects in the country by 2030. 

Speaking at the 4th Global (Renewable Energy) Re-Invest Meet in Gujarat, Joshi said that these investments will help the nation reach its goal of more than doubling clean electricity capacity by 2030. 

The ministry had asked project developers and investors to submit their commitments prior to the meeting. 

India Eyes 500 GW Renewable Energy by 2030

India, being the largest carbon emitter after China and the US is now planning to add up to 500 GW of renewable energy under its portfolio by 2030. 

According to a Bloomberg report, the country needs to add about 44 gigawatts every year through 2030, tripling the average of the past five years to meet this goal. 

Joshi said that India is a fast-growing economy, and the country is committed to meeting energy demand sustainably in the coming years. 

The Rise in Solar Power

During the event, Joshi highlighted a 33-fold growth in India's solar energy sector since 2014, primarily propelled by Prime Minister Narendra Modi's Suryaghar Yojna scheme for rooftop solar panels. 

"India's solar energy capacity has increased 33 times, with more than 3.5 lakh people benefitting from the PM Suryaghar Mufti Bijli Yojna," said Joshi. 

According to the minister, the solar energy sector has pledged 570 GW in commitments by 2030, which includes 340 GW of solar module manufacturing and 240 GW of solar power cell capacity. 

Moreover, the minister added that wind developers have committed 22 GW of manufacturing capacity by the end of this decade. 

Joshi added that India's renewable energy capacity has increased by 175 percent since 2014, while renewable energy generation rose by 86 percent during the same period.