India Commits INR 100 Cr Annually to ISA for Global Energy Transition
The Union Minister for New & Renewable Energy and Power, R.K. Singh, informed about this commitment in a written reply to a question, in Lok Sabha.
December 08, 2023. By Abha Rustagi
The Union Minister for New & Renewable Energy and Power, R.K. Singh, informed about this commitment in a written reply to a question, in Lok Sabha.
The G20 New Delhi Leaders' Declaration, as highlighted by Minister Singh, emphasizes the collective pursuit and encouragement of efforts to triple global renewable energy capacity by 2030. In alignment with this, the Indian government has outlined an ambitious target to achieve 500 GW of installed electric capacity from non-fossil sources by 2030.
Several key initiatives have been implemented to accelerate renewable energy capacity, including a structured bidding trajectory to invite bids for 50 GW of renewable energy capacity annually from FY 2023-24 to FY 2027-28.
The trajectory for Renewable Purchase Obligation (RPO) up to 2030, the release of the Procedure for Implementation of Uniform Renewable Energy Tariff, and the launch of the Production Linked Incentive (PLI) Scheme for High Efficiency Solar PV Modules further signify India's commitment to renewable energy growth.
Minister Singh also highlighted India's engagement with various countries through bilateral Memorandums of Understanding/Agreements and participation in multilateral platforms like QUAD, IPEF, IRENA, COP28, CEM/MI to support global energy transition efforts.
ISA, in collaboration with India, is actively working on a global solar stocktake, setting up a Global Solar Facility with a payment guarantee mechanism, capacity building through STAR Centres in multiple countries, and promoting institutional and regulatory support for solar energy applications.
please contact: contact@energetica-india.net.
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