Globalisation has led to a rapidly growing demand for energy, which has resulted in an extremely high consumption of power across continents. By 2040, a growing economy like India is expected to consume as much as 15,280 terawatt hour (TWh) of electricity, a requirement that cannot be met through conventional sources of energy.
A ruling given by the WTO’s dispute settlement panel on renewable energy or the solar sector in favour of India has been challenged by the US in the upper body of the World Trade Organization.
The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Overseas Private Investment Corporation (OPIC), are jointly investing $252 million (~₹17.96 billion) for a new 250 MW wind project in the Gulf of Suez located in the African continen
Lending to coal-fired power plants in India slumped 90 per cent to Rs 6,081 crore in 2018 as against 2017 while the funding for renewable energy projects grew by Rs 1,529 crore to Rs 24,442 crore.
Softbank Group’s Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault.
The Central Electricity Authority (CEA) has found that distribution companies across the country owe dues totaling ₹30.12 billion (~$420 million) to renewable energy projects aggregating 5,982 MW.
The government’s plan to set up a 7,500 MW solar photo-voltaic power plant at an estimated cost of Rs 45,000 crore in Ladakh, currently the largest investment proposal for the newlycarved Union Territory, may be shifted to a new location over wildlife concerns.
To debottleneck renewable energy space and make the environment-friendly power grow faster, industry leaders and government representatives will gather here next week to explore ways of integrating renewable energy and storage with the power transmission grid.
More than 60% of the Rs 1 lakh crore collected through carbon tax on coal remains unutilised seven years after the levy was imposed to fund green energy transition, while transmission projects for upcoming solar and wind power units worth Rs 40,000 crore struggle to keep tariffs low in the absence of viability funding support.
Last month, after an absence of nine months, India entered the global green bond market. Two Indian companies — Greenko and Adani Green — stormed into the international market for green bonds to raise $950 million and $500 million, respectively.