The Union Minister for Power and New & Renewable Energy held a meeting with the Minister of State for Development, Francophonie, and International Partnerships, attached to the Minister for Europe and Foreign Affairs, in New Delhi yesterday, 13th June, 2023. A press release on this meeting was issued on 14th June, 2023.
The purpose of the meeting was to discuss collaboration for accelerating the global energy transition, with a focus on solar energy, particularly within the framework of the International Solar Alliance (ISA), where India holds the presidency and France serves as the co-president.
During the meeting, the Union Minister stressed the importance of the International Solar Alliance undertaking more solar energy projects, particularly in Africa. He emphasized the need for three specific funds: insurance for renewable energy projects, a payment security mechanism, and arrangements for debt financing. The delegation from France also included Ambassador of France to India, Political Advisor to the Minister of State, and Political Counsellor at the Embassy of France in India.
The discussion also highlighted the successful renewable energy initiatives in Kenya, with both sides acknowledging its accomplishments. The idea of organizing a conference by the International Solar Alliance in Kenya was also explored.
The Union Minister informed the visiting delegation that despite India’s per capita emissions being only one-third of the global average, the country is leading the way in energy transition. He highlighted that 43% of India’s current energy capacity is derived from non-fossil fuel sources. Additionally, India has committed to reducing its emission intensity by 45% by 2030. The Minister further mentioned that India is set to become a global leader in green hydrogen and that the country is rapidly expanding its renewable energy capacity, which will contribute to lowering energy costs in the future.