Union Minister R K Singh has urged International Solar Alliance (ISA) to promote grid-scale solar energy projects in African countries to help them get green funds.
The minister made the remarks during a bilateral discussion with a French delegation that called upon him on Tuesday, a statement from the power ministry said.
The minister emphasized the need for the ISA to take up more solar energy projects, especially in Africa.
"The ISA should set up a de-risking mechanism and should also tap more green funds and thus promote grid-scale solar energy projects in the African continent," the statement quoted him as saying.
He pointed out that economically strong countries will find renewable energy funds themselves, while the economically weak countries would need green funds. "We will have to help such countries who need funds." The two sides also discussed the idea of holding a conference by ISA in Kenya.
Singh told the visiting delegation that despite India's per capita emissions being one third of the global average, the country is the fastest in energy transition.
About 43 per cent of India's capacity today is non-fossil fuels based, and the country has committed to reducing emission intensity by 45 per cent by 2030.
India is going to be a world leader in green hydrogen and the country is adding renewable energy capacity at a fast pace, which will also help bring down the cost of energy in due time, he informed the delegation.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
