India Leads New Energy Surge

The Ministry of New and Renewable Energy hosted the First Assembly of International Solar Alliance (ISA), 2nd Indian Ocean Rim Association (IORA) Energy Ministerial Meet and 2nd Global RE-Invest Meet & Expo. The three events were inaugurated by Prime Minister Narendra Modi. It was aimed at accelerating the worldwide effort to scale up renewable energy and connect the global investment community with Indian energy stakeholders.

2nd Global Re-Invest India-ISA Partnership Renewable Energy Investors Meet & Expo saw participation of over 20,000 delegates of over 77 countries out of which 40 were at ministerial level. The Assembly witnessed participation from dignitaries from the United Nations, Presidents of Multilateral Development Banks, global funds, International financial institutions, representatives from the corporate sector. During the Re-Invest 2018, nine country sessions were organized by leading RE countries such as France, USA, Australia, UK, Finland and the European Union.

Highlighting the key role that the ISA would play in the global solar power space, Prime Minister Modi said “the ISA is a platform to realize climate justice.  It is gift that we are giving to the future generations.  In the future, the alliance is likely to become what presently OPEC is to the world”. Solar energy will play the role that is being by oil wells today. The UN Secretary Gerneral’s presence was a testament to the importance that ISA holds for the UN. The Indian Prime Minister further added that the energy challenges of the IORA countries are similar and that   is why to tackle them we need to focus on renewable energy. By 2030, India has set a target to produce 40 per cent of power through non- fossil fuel sources. . And by 2022, we will successfully surpass the 175 GW renewable energy target. A key proposal put forward by the Prime Minister at the inaugural was of “One World, One Sun and One Grid”.

The UN Secretary General Antonio Guterres emphasized that the climate change is now becoming a direct existential threat. “It is clear that we are witnessing a global renewable energy revolution. However, what we still lack is the political commitment to meet the targets, for which more ambition and more action are needed “.

Mr. Raj Kumar Singh, Union Minister of State for Power and Renewable Energy said, “Our Prime Minister has given us another challenge of one world, one sun, and one grid. It is feasible and we will also achieve it.”21 countries adopted the Delhi Declaration on Renewable Energy that calls for collaboration among IORA member states in meeting the growing demand for renewable energy in the Indian Ocean littorals, development of a common renewable energy agenda for the Indian Ocean region and promote regional capacity building.

About US $ 76 billion investment is required to fulfil India’s vision2022; where public funds alone will not be enough. That’s why innovative Private capital is required to turn Prime Minister Modi’s dream into reality. Strategic global Partnerships for standardization of clean energy, establishing a payment security mechanism for faster payments in the renewable energy sector and collaborative approach will go a long way. In order to achieve renewable energy growth quick political decisions as well as collaborative help between continents including Africa   is needed to counter the humongous monster of climate change. In an attempt to go Green, India has already shown the way as Indian renewable energy sector has grown by 81 percent during the last three years from 2015 to 2018. India’s goal to generate 40 percent non- fossil energy by 2030 and 175 GW of renewable energy by 2022 is not only ambitious, but achievable too. India is a huge market for renewable, the companies all across the globe can come to invest and grow.

Script: Yogesh Sood, Journalist