India will have significant opportunities to share its renewable energy policies, expertise, experiences and products with developing countries, driving international cooperation on the energy transition during its upcoming G20 presidency, a senior executive of the International Renewable Energy Agency (IRENA) said here.
India will hold the G20 presidency from December 1, 2022, to November 30, 2023, and will convene the G20 leaders’ summit in 2023 for the first time. G20 is the
forum for international economic cooperation that plays an important role in global economic governance.
Binu Parthan, the head of regions at IRENA, said in Singapore on Wednesday that there will be significant opportunities for India to influence the world with its comprehensive approach to developing renewable energy in various forms.
He sees India supplying renewable energy solutions such as solar panels and related systems to other developing countries, making it easier and inexpensive from investment aspects.
“India will have significant opportunities to share its renewable energy policies, expertise, experiences and products with other countries in the region and beyond,” he said. Parthan also appreciated India’s format for encouraging private sector participation in renewable projects by price-based auctioning of opportunities to set up renewable energy plants in the country.
“This is a very impressive and innovative approach in developing renewable energy options and these can be replicated elsewhere in the world,” he said, adding that IRENA also supports India’s Green Hydrogen Mission.
In terms of market development, he sees the spillover effect of Indian manufacturers making renewable energy products, especially the solar panels and related equipment. “We hope the whole RE eco-system would help accelerate the global energy transition.”
In January 2022, the Ministry of New and Renewable Energy had signed a strategic partnership agreement with 167-member country IRENA, signalling its intent to further strengthen its collaboration with IRENA in the field of Renewable Energy. India installed 13 gigawatts (GW) of renewables in 2021 and has grown its capacity by over 53 GW in the last five years, positioning it as one of the fastest growing renewable energy adopters in the world.
With massive renewable energy potential, India has an aim to become a major producer of green hydrogen to support the decarbonisation of its industrial economy.
According to IRENA, hydrogen will account for around 12 per cent of total energy supply in a 1.5 degrees C compatible world by 2050.
During his visit to New Delhi last month, IRENA Director General Francesco La Camera had discussed renewable energy with Minister of Environment, Forest and Climate Bhupender Singh Yadav.
Given IRENA’s huge global experiences on Renewable Energy, especially on Solar Energy, Yadav had called on IRENA to play a vital role in India’s efforts towards attainment of enhanced climate goals announced by Prime Minister Narendra Modi at COP 26.
Yadav had also emphasised that India’s Presidency of G-20 is a golden opportunity for both India and IRENA on how renewable energy can accelerate industry transition of hard to abate sectors, but without compromising the development aspirations of the developing countries and leaving no one behind.
Parthan was in Singapore for the global launch of 15th edition of the Singapore International Energy Week (SIEW) 2022 on Wednesday.SIEW 2022 will take place in Singapore from October 25 to 28, 2022.