To improve access to finance for clean technologies, Prime Minister Narendra Modi on Thursday announced the launch of ‘India-US climate and clean energy agenda 2030 partnership’. Modi made the announcement while addressing in the online leaders’ summit on climate at the invitation of US President Joseph R Biden where nearly 40 other world leaders were participating.
“Together, both countries will help mobilise investments, demonstrate clean technologies, and enable green collaborations,” the Prime Minister said, adding that “as a climate-responsible developing country, India welcomes partners to create templates of sustainable development in India”. The specific objectives of the Indo-US partnership were not elaborated.
As per the Intended Nationally Determined Contribution (INDC) under the Paris climate change COP21 accord, India wants to have a 40% installed power generation capacity from non-fossil fuel-based energy resources by 2030. To that end, it has already declared its goal of installing 450 giga-watt of renewable energy capacity by the end of the decade.
“Our ambitious renewable energy target of 450 Gigawatts by 2030 shows our commitment,” Modi said, adding that “despite our development challenges, we have taken many bold steps on clean energy, energy efficiency, afforestation and bio-diversity”. Though CO2 emissions in India are now broadly on par with emissions in the European Union at 2.35 giga tonne (billion tonne), they remain two-thirds lower and 60% below the global average on a per capita basis.
The current installed renewable energy generation capacity stands at 94 GW and about 34 GW is under various stages of implementation and 30 GW under various stages of bidding. Additionally, 46.2 GW of hydro and 6.8 GW of nuclear capacities are also currently online.
During his recent visit to India earlier this month, special US presidential envoy for climate John Kerry called India a “red hot investment opportunity” because of the country’s efforts to increase the share of renewables in the energy basket, adding that “India sees this and India is seizing this opportunity”.