The Climate Investment Platform launched by three multilateral bodies in September is now open for business and renewables companies in developing nations across 14 regions including south Asia could qualify for help with clean energy facilities, renewables-related grid improvements and energy efficiency schemes.
The joint venture company targets the construction of over 1 GW portfolio in the next few years, with an initial focus on India, South Korea and Taiwan.
The cost of solar power generation in India has fallen to half the level seen in many other markets in the region due to extensive solar resource, market scale and competition.
Though electric vehicles are up to 67% less emissions intensive than gasoline cars, their competitiveness depends on many factors like the source of electricity used for vehicle and battery manufacturing and charging. Given that India still has a high share of coal or other fossil fuels in its power mix, electrifying the current car taxi fleet would help it cut emissions faster than incentivising the use of privately owned EVs because of the taxis’ greater utilisation in terms of miles travelled.
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