Transitioning to clean energy is of paramount importance as this is the first step in many that can help in mitigating climate change and the drastic effects of carbon pollution.
PM Modi’s visit to the US proved yet again how important clean energy optimisation is in addressing environmental concerns. Catalyzing the clean energy transition, the India-US joint statement issued by the White House in June 2023 states that both countries made a promise to create a platform where people and companies can invest money in renewable energy projects in India.
These investments will help reduce the cost of the projects and attract funds from around the world. The goal is to speed up the development of clean energy, battery storage, and other green technologies in India. They are also working on a special investment platform that will provide a lot of money and support to make these projects safer and more attractive for investors.
In an interview with ET, the US Energy Secretary, Jennifer Granholm stated, “First Solar of the US will invest billions of dollars for solar panel production in India that will not source materials from China.” With growing concerns about pollution and environmental damage, this investment will be tremendous in expediting the clean energy initiative in India.
This partnership is significant as it helps both the countries leverage their strengths to accelerate a smooth transition to clean energy.
The Ministry of New and Renewable Energy states that India stands 4th in solar PV deployment across the globe as of the end of 2021. Solar power installed capacity has reached around 61.97 GW as of 30th November 2022. Presently, solar tariffs in India are very competitive and have achieved grid parity. With growing concerns about pollution and environmental damage, this investment will be tremendous in expediting the clean energy initiative in India.
This is not the first feat for India towards clean energy, as reported by PIB earlier this year. The Government has allocated a total capacity of 39,600 MW of domestic Solar PV module manufacturing capacity to 11 companies, with a total outlay of Rs. 14,007 Crores under the Production Linked Incentive Scheme for High Efficiency Solar PV Modules (Tranche-II). This PLI scheme was also envisioned to create a total of 1,01,487 jobs with 35,010 individuals getting direct employment and 66,477 people being indirectly employed.
Transitioning to clean energy is of paramount importance as this is the first step in many that can help in mitigating climate change and the drastic effects of carbon pollution.
