India is set to see the largest increase in energy demand of any country over next 20 years, a new International Energy Agency (IEA) report says, highlighting potential for policies and investment to accelerate clean energy transition.
The investment will enable Tata Cleantech to provide loans for green projects, including e-mobility solutions as well as water and energy efficiency.
As per the agreement, the Indian Renewable Energy Development Agency (IREDA) will undertake techno-financial due diligence of renewable energy, energy efficiency and conservation projects for state-owned hydropower producer Satluz Jal Vidyut Nigam Ltd (SJVN).
The Climate Group has reported that just 33 members of its global EP100 initiative avoided carbon dioxide emission by one billion metric tonnes purely through energy efficiency measures. Of this, 360 million metric tonnes—comparable to taking 77 million cars off the road for a year—was avoided in the last year alone.
The Bengaluru-headquartered IT major has become carbon neutral for FY2020 across all emissions, 30 years ahead of the Paris Agreement’s 2050 timeline. The company reduced its energy consumption significantly with energy-efficiency measures, green buildings, renewable energy use, and carbon offset projects in the community to achieve this goal.
A joint study by Smart Power India, an arm of US-based impact investor Rockefeller Foundation, and government thinktank NITI Aayog, evaluates the status of electricity access in India across different states and benchmarks distribution utilities’ capacity to provide electricity access. It also offers recommendations to help DISCOMs realize their full potential.
The government is trying to harness renewables to increase domestic output but will need a more liberal energy market and to consider the structure of procurement auctions, cloying red tape and the financial travails of state utilities if it is to achieve its goals, says Rakshika Kaul of Amp Energy India.
Heavy industry players Dalmia Cement (Bharat) and Hindalco are among the companies committed to enhancing energy efficiency, renewable energy, and circular economy across their member companies and supply chains. Other signatories included Siemens Energy India, Thermax, Shell Group of Companies India and Tata Consulting Engineers.
The tracked green finance for climate mitigation was an average Rs 124 thousand crore (US$19 billion) for FY 2017 and FY 2018, representing only about 10% of what the country required.
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