Storage Solutions Crucial to India's Renewable Energy Transition: MNRE Secretary
India’s renewable energy transition will rely heavily on robust storage solutions and infrastructure, said Ministry of New and Renewable Energy (MNRE) Secretary Prashant Kumar Singh addressing the 29th CII Partnership Summit being held in New Delhi from December 2-3, 2024.
December 02, 2024. By Mrinmoy Dey
India aims to reach 500 GW of renewable energy capacity by 2030, with solar power expected to contribute around 290 GW. “Solar capacity has expanded from just 2 GW in 2014 to 92 GW today. With a strong focus on storage and infrastructure, this goal is within reach,” Singh noted.
He further highlighted the need for significant financial investment, estimating INR 30 lakh crore over the next 7-8 years for the energy transition. Singh called on banks to enhance their support for the sector and stressed the importance of utilising financial instruments such as green bonds, multilateral funding, and infrastructure investment trusts to drive progress.
The summit emphasised global collaboration for decarbonisation, with Prof. Tetsuya Watanabe, President of the Economic Research Institute for ASEAN and East Asia, calling for a unified strategy combining finance, technology, and infrastructure to achieve a low-carbon future. He praised India’s ‘One Sun, One World, One Grid’ initiative, highlighting the need to scale up clean technologies, renewable energy, and green hydrogen.
Niro Somasekeran, Head of Resources, Energy and Infrastructure at ANZ, Singapore, projected a 60 percent rise in Asia's energy demand by 2040, requiring USD 20 billion in energy transition investments by 2030.
CII President Sanjiv Puri stressed economic viability and advanced technology access as key to driving private investment in renewables. Jan Teichmann of Fluence Energy advocated local storage manufacturing to enhance cost-effectiveness in India’s renewable sector.
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