|

Green and Transition Finance in India

By

India stands at a unique crossroads, balancing the goals of decarbonisation and industrial growth. While the power and transport sectors have made notable strides toward decarbonisation, industrial emissions remain a significant challenge. To meet its climate commitments, India will require an estimated capital influx of USD 10.1 trillion by 2070. This is where both green and transition finance come into play, with green finance backing low-emission technologies aligned with the Paris Agreement, and transition finance…

|

India needs fivefold growth in wind and solar by 2030 to meet 1.5°C climate goals, analysis finds

By

A new analysis by Climate Analytics and the NewClimate Institute reveals that India needs to grow its wind and solar power generation fivefold by 2030 to align with global climate goals under the 1.5°C target. This would require generating around 1,100 TWh of electricity from wind and solar by the end of the decade. To achieve this, India would need significant international climate finance to support its transition away from coal, which currently generates 75%…

|

National Electricity Plan – 2032 finalized, outlay pegged at over Rs 9 trillion

By

Union power minister Manohar Lal announced the finalization of the National Electricity Plan (NEP) for the period 2023 to 2032 at a press conference in New Delhi on September 23, 2024. The NEP aims to develop central and state transmission systems to meet the projected peak power demand of 458 GW by 2032, with a total project outlay of Rs 9 trillion. Key highlights of NEP 2032 include the expansion of the transmission network from…

|

India signs key IPEF agreements on Clean and Fair Economy

By

On 21 September 2024, India signed agreements under the Indo-Pacific Economic Framework (IPEF) for Clean Economy, Fair Economy, and an overarching IPEF arrangement during Prime Minister Modi’s visit to the US. IPEF Clean Economy Agreement (Pillar-III) The Clean Economy Agreement focuses on boosting technical cooperation and clean energy technology deployment. It aims to accelerate renewable energy investments and provide concessional financing for MSMEs. Initiatives like the IPEF Catalytic Capital Fund, with USD 33 million (Rs…

|

RWE, AMG in deal to supply green ammonia from India

By

RWE has signed a memorandum of understanding with AM Green Ammonia (AMG) for the long-term annual supply of up to 250,000 tonnes of green ammonia. The ammonia, derived from hydrogen, will be produced at AMG’s facilities in Kakinada and Tuticorin, India. Initially, 50,000 tonnes will be produced at Kakinada, with the remaining 200,000 tonnes sourced from the Tuticorin facility. The green ammonia will meet the EU’s Renewable Fuels of Non-Biological Origin (RFNBO) standards under the…

|

India and Denmark strengthen maritime partnership for sustainable practices

By

India and Denmark are deepening their maritime collaboration under the India-Denmark Green Strategic Partnership, focusing on sustainable practices, port modernisation, and green shipping. Denmark, a leader in green maritime technologies, is sharing its expertise in digital solutions, automation, and cybersecurity to support India’s Sagarmala initiative and Maritime India Vision 2030. A revised MoU, including the establishment of a Centre of Excellence in India, highlights the commitment to green maritime technologies and knowledge exchange. Both nations…

|

India secures $386 bn investment commitments for renewable energy at RE-Invest 2024

By

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…

|

India expresses interest in Russia’s lunar nuclear power plant project

By

India has shown interest in joining Russia’s ambitious lunar nuclear power plant initiative, which aims to establish a base on the Moon in collaboration with China, according to reports from EurAsian Times and Russia’s state-owned agency Tass. Spearheaded by Rosatom, the project will develop a small nuclear power plant with a capacity of up to half a megawatt to power the lunar base’s operations. Rosatom chief Alexey Likhachev confirmed India’s and China’s interest in the…

|

India-GCC trade hits $162 billion, growing ties in energy, defence, and tech

By

India’s trade with the Gulf Cooperation Council (GCC) reached USD 162 billion last year, accounting for 15% of India’s total trade. This milestone, highlighted by Aseem R Mahajan, Joint Secretary – Gulf, Ministry of External Affairs, was announced during the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ event organised by FICCI. The event emphasised the expanding partnership between India and the Gulf, covering crucial sectors such as energy, defence, security, and health. Despite fluctuations…

|

India, Singapore to discuss semiconductors

By

A high-level meeting between senior ministers of India and Singapore has laid the groundwork for an upcoming visit to Singapore by Prime Minister Narendra Modi, Singapore’s Foreign Minister Vivian Balakrishnan announced.   During this meeting, new areas of collaboration, such as advanced manufacturing, semiconductors, aviation, and maritime connectivity, were added to the ISMR agenda. The Singaporean foreign minister emphasized the potential of collaborating in the semiconductor industry, a key area for India’s expansion, where Singapore has…