Industry
India committed to just energy transition through international cooperation: official
Summary
- Low-cost financing is identified as one of the six key priority areas established by the energy transition working group under India’s G20 presidency
New Delhi: India, through the presidency of the G20, is committed to an accelerated, responsible and just energy transition through international cooperation and collaboration, said Bhupinder Singh Bhalla, secretary, union ministry of new and renewable energy (MNRE).
As part of the third Energy Transition Working Group (ETWG) meeting of India’s G20 Presidency, MNRE, together with the Indian Renewable Energy Development Agency (IREDA), and International Renewable Energy Agency (IRENA) hosted the official side event, ‘Low-cost Finance for New & Emerging Energy Technologies’ in Mumbai on Tuesday.
The event brought together policy makers, financial institutions and technology developers to deliberate on the estimation of cost-effective financing for energy transition based on the future trajectory of emerging critical technologies -- hydrogen, offshore wind, energy storage and carbon capture utilization & storage (CCUS).
Low-cost financing is identified as one of the six key priority areas established by the Energy Transition Working Group (ETWG) under India’s Presidency.
The report “Low-Cost Finance for Energy Transition" prepared by IRENA in collaboration with the MNRE under G20’s India Presidency, was unveiled at the G20 ETWG side event. The report provides a toolbox to increase the availability of low-cost capital in G20 countries and beyond.
Bhupinder Singh Bhalla, Secretary, MNRE: “The energy transition is a technically feasible and economically viable option, and its benefits significantly outweigh its costs. India, through the presidency of the G20, is committed to an accelerated, responsible and just energy transition through international cooperation and collaboration."
Alok Kumar, Secretary, ministry of power, said, “India stands ready to work towards harnessing the immense opportunities that the energy transition presents to us today with the G20 countries and beyond."
“The global energy transition requires a rapid scale-up of renewable energy deployment globally, making access to low-cost finance urgently vital," said IRENA Deputy Director-General Gauri Singh.
