Energy transition is a complex multi-decadal process, says Dr. Nageswaran
India is phasing in renewable energy instead of phasing out fossil fuels, and the country is already on track in achieving the target of 50% cumulative electric power installed from non-fossil fuel-based energy resources by 2030.
Stating this, Dr. V. Anantha Nageswaran, Chief Economic Advisor (CEA) to the Indian Government, further stressed on the urgent need for enough battery storage and to bring down the current high cost to resolve the issue of intermittency and expedite the shift to renewable energy technologies.
“Energy transition is a complex multi-decadal process and we do not have a silver bullet solution to it. Therefore, rather than focusing on the state of helplessness, countries must take ownership of the climate problem and promote a collaborative atmosphere for embracing and actively engaging in climate action,” said Dr. Nageswaran.
He was speaking on the concluding day of The Energy Transition Dialogues (TETD), a three-day event by the Global Energy Alliance for People and Planet (GEAPP) and the Observer Research Foundation (ORF) which witnessed continued deliberation among diverse stakeholders towards people-positive energy transition.
The day brought with it a key announcement on the expansion of GEAPP’s BESS ambitions. IndiGrid, India’s first power sector infrastructure investment trust, was recently awarded its first battery energy storage system (BESS) project to design, supply, test, install, commission, operate, and maintain a 20 MW/40 MWh in Delhi.
GEAPP aims to provide concessional debt financing for 70% of the total capital investment and technical assistance for the project. The implementation provides a new pathway since many similar projects have been stuck due to high costs and regulatory bottlenecks.
This project is an initiative to fulfill GEAPP’s target of 1 GW for DISCOMS under BESS by 2026. GEAPP will work on a scale-up plan with DISCOMs to achieve the target of 200 MW by providing technical assistance and concessional funding.
The event concluded on 3 Nov with the release of TETD Communique – Blueprint for a People-Positive Energy Transition, a clear roadmap outlining key principles and actionable plan crucial for accelerating a sustainable energy transition in India and the world.
The Communique stands as a testament to the collaborative efforts and shared commitment of all partners involved in the Dialogues.
The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments in emerging and developed economies, and technology, policy, and financing partners. Fiinews.com
