India's green goal offers companies $500 billion opportunity: ReNew CEO & others 88

Centre looks to tap ₹1 tn agri infra fund for solar projects on farm lands

• With the setting up of solar plants on agriculture land under the PM KUSUM scheme not picking up as anticipated, the union ministry of new and renewable energy is considering linking the scheme to the Agriculture Infrastructure Fund which would help farmers get cheaper loans for setting up projects and procuring equipment.
• Due to AIF support the interest rate would be capped at 6% and farmers would benefit from it as usually loans for solar panels and other equipment are not cheap" said a person in the know of the development.
• However, the programme has not progress as anticipated.
• It was originally scheduled to end in FY23.
• So far loans worth ₹23,798 crore have been sanctioned for 30,009 projects with project cost worth ₹40,343 crore.

Renew Energy Global Plc: India's green goal offers companies $500 billion opportunity, ReNew CEO says,

• The nation, the world’s third largest emitter of greenhouse gases, has set a target to nearly triple its generation capacity from non-fossil sources by 2030.
• To reach that goal, the government plans to auction 50 gigawatts of wind, solar and hybrid projects every year, offering companies, such as ReNew, a massive opportunity, Sumant Sinha told Bloomberg Television in an interview Wednesday.
• Besides building wind and solar power projects, Prime Minister Narendra Modi ’s government is also seeking investments in domestic manufacturing of solar panels to make India self-reliant.
• ReNew has plans to invest in the entire decarbonization chain.
• Border tensions between the two nations have emboldened calls in India to reduce trade with China.

Eighth Meeting of Standing Committee of International Solar Alliance held in Delhi in hybrid format

• The French Republic as Co-President of the ISA Assembly was the Co-Chair of the meeting.
• The solar PV market maintained its record-breaking streak with new capacity installations totalling ~175 GW in 2021.
• Limited time left for humanity to take climate action, need more funding for green energy: ISA President The Minister stated that the ISA has been striving tirelessly towards global solar energy transition.
• Need to work towards accelerating worldwide investment in solar energy: France Chrysoula Zacharopoulou, Minister of State for Development, Francophonie and International Partnerships and Co-President of the International Solar Alliance Assembly, who joined virtually, expressed satisfaction that the ISA has become a full-fledged international organization recognized globally.
• The country representative said that active engagement of ISA is critical to making COP28 a success.
• About the ISA The International Solar Alliance (ISA) is a collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.