Megger
Megger
TCI
TCI
Rayzon
Rayzon
Home » News » French delegation discuss strategies with MNRE to accelerate the energy transition

French delegation discuss strategies with MNRE to accelerate the energy transition

By June 14, 2023 2:09 pm IST

French delegation discuss strategies with MNRE to accelerate the energy transition
.

The discussion highlighted the need for payment security mechanisms, debt financing, and insurance for renewable energy projects in luring investors to the sector.

R. K. Singh, Union Minister for Power and New & Renewable Energy, met with Chrysoula Zacharopoulou, Minister of State for Development, Francophonie, and International Partnerships, attached to the Minister for Europe and Foreign Affairs, at Shram Shakti Bhawan in New Delhi, on June 13, 2023. The Minister of state had come to see the Union Minister, accompanied by Emmanuel Lenain, Ambassador of France to India; Guillaume Pottier, Political Advisor to the Minister of State; and Pablo Ahumada, Political Counsellor, Embassy of France in India.

Collaboration to accelerate the global energy transition powered by solar energy was a prominent topic of discussion, particularly within the institutional framework of the International Solar Alliance, of which India is the President and France is a Co-President.

“We need to help countries who need green funds”

The International Solar Alliance must take on additional solar energy projects, particularly in Africa, according to India’s Union Minister for Power and New & Renewable Energy. “The economically powerful nations will find the funding for renewable energy on their own, but the economically underdeveloped nations would require green funds. We will have to assist such nations that require financial aid.

Advertising

EPR Android App Banner

Nearly 50 percent of Africa’s landmass lacks access to power, the two parties agreed. The Union Power and New & Renewable Energy Minister of India spoke of the necessity of aiding the ISA in moving forward in this direction, noting that in addition to energy transformation, the focus must also be on ensuring energy access. As a result of the continent’s current low levels of electricity availability, the two parties also noted that decarbonisation is not an issue for Africa. According to the Minister, in this situation, gaining access to electricity through solar energy is the most affordable and straightforward choice.

Need Green Energy Insurance, Payment Security Mechanism and Debt Financing

Three funds have been highlighted by the minister as being necessary: procedures for loan financing, payment security mechanisms, and insurance for renewable energy projects. “Once established, these funds will grow, due to contributions and interest payments; in India, too, our investment is coming because of a fund we set up as a payment security mechanism,” the Minister stated.  

To support grid-scale solar energy projects on the African continent, it was suggested by R. K. Singh that the ISA establish a de-risking mechanism and increase its use of green funds. The success Kenya has had with renewable energy was also noted by the two parties, and they talked about the possibility of an ISA conference being held in Kenya. Despite India’s per capita emissions representing only one-third of the world average, we are consistently moving towards energy transformation. Although today, 43 percent of our energy is generated from non-fossil fuels, we are committed to cutting our emission intensity by 45 percent by 2030. Concluding the discussion, the minister emphasised that India would soon be a global leader in the production of green hydrogen and that the nation is rapidly expanding its capacity for the production of renewable energy, both of which will eventually assist to lower energy prices.

Cookie Consent

We use cookies to personalize your experience. By continuing to visit this website you agree to our Terms & Conditions, Privacy Policy and Cookie Policy.

Nirmal Wires
Nirmal Wires
Android App
Android App

Events

Power Gen
Power Gen
India Energy Storage Week 2025
India Energy Storage Week 2025
GOTS 2025
GOTS 2025
Renewable Energy India (REI)
Renewable Energy India (REI)
BEDIC
BEDIC
MEPIC
MEPIC

Our Sponsors

Geda
Geda
Kimbal
Kimbal
BCH India
BCH India
Kp Group
Kp Group
Voltaredox
Voltaredox
Rayzon Solar Pvt Ltd
Rayzon Solar Pvt Ltd
Om Technical Solutions
Om Technical Solutions
Apar Industries
Apar Industries
Ravin Group
Ravin Group
Meco Instruments Pvt Ltd
Meco Instruments Pvt Ltd
Balaji Switchgears
Balaji Switchgears
Gloster Cables Limited
Gloster Cables Limited
HPL Electric Power
HPL Electric Power
K-Lite Industries
K-Lite Industries
Newtech Switchgear
Newtech Switchgear
Elev8 Lift
Elev8 Lift
flir system
flir system
ET Transformers
ET Transformers
Polycab
Polycab
Aeron Composite Pvt Ltd
Aeron Composite Pvt Ltd
OBO Engineered Cable Trays
OBO Engineered Cable Trays
Siemens Energy
Siemens Energy
Radicon Powerbuild
Radicon Powerbuild
MENNEKES Electric India
MENNEKES Electric India
PRAMA HIKVISION INDIA
PRAMA HIKVISION INDIA
TDK Electronics
TDK Electronics