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Dear Readers,
India is on the verge of a milestone in its remarkable renewable energy journey. The country’s solar capacity is poised to cross the 75 GW mark this year, making it an exceptional feat. 50 countries, including India, set new monthly records for solar PV generation during the first half of 2023. During the month of May, India set an impressive milestone, generating about 7.1% of its electricity from solar PV, thereby underlining the nation’s commitment to green energy.
To achieve global energy and climate targets, the world’s electricity use needs to increase 20% faster in the coming decade than it did in the earlier one. Grids are necessary to decarbonize electricity supply and effectively integrate renewable sources of energy. The increased deployment of RE calls for modernizing distribution grid infrastructure and establishing new transmission corridors to interconnect RE resources – such as solar PV projects in the desert and offshore wind turbines at sea – which are far from energy demand centres such as cities and industrial areas. IEA’s recent report underlines this need.
The central government agency Bureau of Energy Efficiency (BEE) recently indicated that the Carbon Credit and Trading Scheme (CCTS) notified earlier this year for the upcoming Indian Carbon Market (ICM) is likely to be amended soon. It is now globally acknowledged that climate investment of about $4-6 Trillion each year is required to achieve the transition to a low-carbon economy. The World Bank and International Monetary Fund have suggested adapting and adopting new models of operation as a response, which was headlined in this year’s annual meetings in Morocco.
The 28th Conference of Parties will be held in Dubai this year. The conference marks two important discussions that will be deliberated during the event. There will be the first formal deliberations on making loss and damage arrangements a reality after the landmark agreement at COP27 for establishing a funding mechanism; and the first Global Stocktake that will reach its completion. Our upcoming webinar series on COP28 are unmissable if you want to know more.
Thank you for your continued patronage. As always, we look forward to receiving your comments and suggestions.
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Maitreyi Karthik
Renewable Energy
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NEWS |
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World’s Biggest Carbon Capture PlantFails
Bloomberg (Oct 23, 2023) |
| A mega-plant for CCUS built by an oil giant in 2010, was quietly sold off as it never operated at more than a third of its capacity, an investigation revealed. |
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