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India secures $386 bn investment commitments for renewable energy at RE-Invest 2024
Ministry of Renewable Energy has received investment commitments totalling $386 billion from banks and financial institutions at the RE-Invest conference in Gandhinagar, Gujarat. These investments aim to help India double its clean electricity capacity by 2030, targeting 500 GW of non-fossil capacity. ReNew, a major renewable energy company pledged to expand its renewable capacity from 10 GW to 50 GW by 2030, with 10 GW dedicated to storage. The company also plans to produce 1…
GTRI: local carbon tax won’t ease EU carbon border adjustment impact on Indian exports
The European Union’s (EU’s) suggestion that India impose a local carbon tax to avoid the EU’s Carbon Border Adjustment Mechanism (CBAM) will not significantly benefit Indian exporters, according to the Global Trade Research Initiative (GTRI). Even with a local tax, Indian firms would still owe the EU USD 51.3 per tonne of CO2 under CBAM, starting January 2026. While the global average carbon price is around USD 6 per tonne of CO2, India’s potential carbon…
Khavda IV A project boosts Adani Energy Solutions’ transmission portfolio
Adani Energy Solutions Ltd (AESL) has expanded its transmission portfolio to 21,783 ckm and its transformation capacity to 61,686 MVA with the acquisition of the Khavda IV A transmission project. This project, acquired from RECPDCL under the tariff-based competitive bidding (TBCB) route, will be developed as an interstate transmission system (ISTS) under the build, own, operate & transfer (BOOT) model for 35 years. The Khavda IV A line will evacuate 7 GW of renewable energy,…
Iran and Tajikistan discuss strengthening energy and water
The Ministry of Energy in Iran and the Ministry of Energy and Water Resources in Tajikistan are in discussions to enhance cooperation in electricity, water, and other key sectors. The talks, held within the framework of the joint economic committee, focused on boosting trade, facilitating Iranian business operations in Tajikistan, and advancing water and energy initiatives. Both countries expressed optimism about future partnerships, particularly in the energy sector. They aim to increase trade to USD…
India’s climate policies set to cut 4 billion tonnes of CO2 by 2030: Report
India’s climate policies are on track to reduce carbon dioxide emissions by around four billion tonnes from 2020 to 2030, leading to a 24% drop in coal-based power generation, according to a report by the Council on Energy, Environment and Water (CEEW). This projection surpasses India’s COP26 commitment to reduce emissions by one billion tonnes by 2030. CEEW’s analysis reveals that policies across India’s power, residential, and transport sectors saved 440 million tonnes of CO2…
New Zealand increases fossil fuel generation as hydropower hits decade-low
New Zealand has ramped up its fossil fuel generation to meet electricity demand, as hydropower generation drops to its lowest level in nearly a decade. According to energy think tank Ember, electricity generated from fossil fuels between January and July reached 4.36 TWh, marking a 67% increase from the same period in 2023. This 1.75 TWh increase in fossil fuel generation closely mirrors the 1.86 TWh decline in hydropower output over the same period. Hydropower…