India, France discuss ways to accelerate global energy transition

The high-level delegation from France, led by Chrysoula Zacharopoulou, Minister of State for Development, Francophonie, and International Partnerships met Singh on Tuesday to strengthen cooperation between India and France under the framework of the International Solar Alliance (ISA), where India serves as the president and France as the co-president. The focus of the discussion was on expanding solar energy projects worldwide, with particular emphasis on Africa.

Singh emphasized the need for financial support to economically weaker countries through green funds to facilitate their renewable energy projects. He stressed the importance of ensuring universal energy access alongside the transition to clean energy sources. Singh expressed his commitment to supporting the ISA in promoting solar energy projects, especially in Africa, where a significant portion of the population lacks access to electricity.

Singh also highlighted the importance of establishing three funds: insurance for renewable energy projects, payment security mechanisms, and debt financing arrangements. These funds, once operational, would attract investments and contribute to the growth of the renewable energy sector. He cited India’s success in this regard, mentioning the establishment of a payment security mechanism fund that has facilitated investments in renewable energy projects.

According to the ministry, both sides acknowledged Africa’s urgent need for electrification and recognized solar energy as the most viable and cost-effective option to achieve widespread energy access on the continent. The delegation expressed interest in learning from India’s experience in renewable energy deployment.

The discussion also touched upon the impressive strides made by Kenya in the field of renewable energy. Both parties explored the possibility of organizing an ISA conference in Kenya to share best practices and promote collaboration among member countries.

Singh highlighted India’s commitment to energy transition, noting that the country has achieved a per capita emission rate one-third of the global average. He highlighted India’s rapid adoption of non-fossil fuel sources, with 43% of the country’s energy capacity currently derived from such sources. India has set ambitious targets to reduce its emission intensity by 45% by 2030.

The minister also mentioned India’s plans to become a global leader in green hydrogen and its ongoing efforts to rapidly increase renewable energy capacity, which will contribute to a significant reduction in the cost of energy.

Updated: 14 Jun 2023, 01:54 PM IST