India's G20 presidency: Government plans low-cost energy financing
POWER & RENEWABLE ENERGY

India's G20 presidency: Government plans low-cost energy financing

The government is developing an interest subvention scheme to aid the energy sector's adoption of clean energy and energy efficiency technologies, revealed Alok Kumar, the Power Secretary. Speaking at the third Energy Transition Working Group (ETWG) meeting during India's G20 Presidency, Kumar stated that India is formulating a scheme to support the deployment of expensive emerging energy efficiency technologies, offering interest subvention. It's under consideration. He emphasised the need for initial support such as viability gap funding (VGF) and priority lending to facilitate the widespread implementation of new technologies.

Kumar further highlighted the government's commitment to achieving universal access to clean energy and addressing the challenges posed by deep decarbonisation and hard-to-abate sectors. The ETWG is diligently identifying priorities and estimating low-cost financing options to present to the G20 leadership.

Kumar stressed the importance of affordable finance for promoting these technologies in the fight against climate change, emphasising the government's focus on selecting appropriate technologies and securing low-cost financing. He emphasised the necessity of substantial public finance to reduce the financing costs of clean energy projects in developing countries, where the majority of action is required.

Kumar expressed the G20 community's responsibility to ensure that countries embarking on the path of development receive sufficient fund flows and affordable finance, ensuring equitable access to the benefits of progress.

During the event, Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy, emphasised the need for robust policy commitments, citing policy and regulatory stability, transparency, and predictability as essential factors for attracting investments.

Hosted by the Ministry of New and Renewable Energy (MNRE) and the International Renewable Energy Agency (IRENA) in collaboration with the Indian Renewable Energy Development Agency, the official side event titled "Low-cost Finance for New & Emerging Energy Technologies" took place in Mumbai on May 15, 2023, as part of the G20 ETWG meeting under India's G20 Presidency. The event brought together policymakers, financial institutions, and technology developers to discuss cost-effective financing estimates for energy transition based on emerging critical technologies such as hydrogen, offshore wind, energy storage, and carbon capture utilisation and storage.

At the event, the report "Low-Cost Finance for Energy Transition," prepared by IRENA in partnership with MNRE under the G20's India Presidency, was unveiled.

Also Read
HP govt focuses on business-friendly environment and investment
Will Government Spending Accelerate Construction?


The government is developing an interest subvention scheme to aid the energy sector's adoption of clean energy and energy efficiency technologies, revealed Alok Kumar, the Power Secretary. Speaking at the third Energy Transition Working Group (ETWG) meeting during India's G20 Presidency, Kumar stated that India is formulating a scheme to support the deployment of expensive emerging energy efficiency technologies, offering interest subvention. It's under consideration. He emphasised the need for initial support such as viability gap funding (VGF) and priority lending to facilitate the widespread implementation of new technologies. Kumar further highlighted the government's commitment to achieving universal access to clean energy and addressing the challenges posed by deep decarbonisation and hard-to-abate sectors. The ETWG is diligently identifying priorities and estimating low-cost financing options to present to the G20 leadership. Kumar stressed the importance of affordable finance for promoting these technologies in the fight against climate change, emphasising the government's focus on selecting appropriate technologies and securing low-cost financing. He emphasised the necessity of substantial public finance to reduce the financing costs of clean energy projects in developing countries, where the majority of action is required. Kumar expressed the G20 community's responsibility to ensure that countries embarking on the path of development receive sufficient fund flows and affordable finance, ensuring equitable access to the benefits of progress. During the event, Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy, emphasised the need for robust policy commitments, citing policy and regulatory stability, transparency, and predictability as essential factors for attracting investments. Hosted by the Ministry of New and Renewable Energy (MNRE) and the International Renewable Energy Agency (IRENA) in collaboration with the Indian Renewable Energy Development Agency, the official side event titled Low-cost Finance for New & Emerging Energy Technologies took place in Mumbai on May 15, 2023, as part of the G20 ETWG meeting under India's G20 Presidency. The event brought together policymakers, financial institutions, and technology developers to discuss cost-effective financing estimates for energy transition based on emerging critical technologies such as hydrogen, offshore wind, energy storage, and carbon capture utilisation and storage. At the event, the report Low-Cost Finance for Energy Transition, prepared by IRENA in partnership with MNRE under the G20's India Presidency, was unveiled. Also Read HP govt focuses on business-friendly environment and investmentWill Government Spending Accelerate Construction?

Next Story
Real Estate

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Next Story
Real Estate

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Next Story
Infrastructure Urban

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement