India- ultimate investment destination for solar power: U.S. Secretary
New Delhi, 20 Oct (KNN) R.K. Singh, Union Minister for Power and New and Renewable Energy and the President of International Solar Alliance hosted the Fourth Assembly of the International Solar Alliance.
“India has made rapid strides in the solar energy sector over past few years and rapid capacity addition is a testament to India’s commitment to clean and affordable solar energy. India has target to reach 450 GW of RE by 2030.We have 154 GW of installed non fossil generation capacity and another 67 GW under construction. India’s non-fossil fuel based capacity is on-track to surpass the 40 % target under the India’s NDC, said Power Minister Singh.
He emphasized that solving the problem of energy access is very important. The ISA can enable energy access for 800 million people who lack energy access, worldwide.
The Union Minister also pointed out that International Solar Alliance was founded to bring the global community together, synergize our efforts, and leverage our complementarities to overcome such barriers. He said that ISA can play primary role in providing energy access to all.
Secretary Kerry applauded the International Solar Alliance and the leadership of India, France and member countries of the ISA Assembly in their collaboration to advance the global clean energy transition.
“It is really terrific to see India leading the ISA. India is a close partner and the United States strongly supports India’s goal of reaching 450 GW of renewable energy by 2030. We believe that it’s absolutely doable and will be done. India has already set an example for emerging economies by reaching 100GW of renewables. What India has demonstrated with its low-cost solar auctions and build out of the transmission grids and massive solar parts program and other innovative policy tools can be replicated all over the world, ” he said.
He added that the ISA is critical to reducing greenhouse gas emissions and has an opportunity to accelerate solar growth with member countries blessed with the world’s strongest sunlight.
Speaking on India- U.S. ties and calling India, “a red-hot investment destination for solar power,” Secretary Kerry shared that, leading countries deploying solar power from India to United States are seeing the need for energy storage to balance the intermittency of renewable energy. Harnessing the full value of solar energy will require countries to invest in storage, in grid infrastructure and in flexibility in both demand and supply. And to connect solar power with parts of the economy that don’t currently use electricity, countries must invest in electric vehicles and clean fuels like hydrogen that can be produced using solar power.
European Commission Executive-Vice President for the European Green Deal, Frans Timmermans participated in the opening session of the ISA Assembly and confirmed the European Union’s support to the initiative.
He announced the imminent launch of a project, worth around 1 million Euro, funded by the EU, aiming at further strengthening the engagement of EU, EU Member States, & EU academic, business and financial communities with the International Solar Alliance.