Thursday, October 8, 2015
Germany promises 1 billion euros for India's solar projects
Giving a thrust on clean energy, Germany today pledged about one billion euros (Rs 7,300 crore) assistance for India's solar projects as part of the bilateral cooperation in energy sector.
The joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said both the countries will continue to intensify their cooperation in developing climate-friendly and sustainable solutions for India's expanding energy needs.
The implementation of Green Energy Corridors Partnership, with an overall German commitment of 1.15 billion euros in the last two years, is progressing well, it said.
"Both countries welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years," the statement said.
It further said that Germany welcomes India's intention to transform its energy sector by increasing the share of renewable energy, particularly solar, in electricity generation, consistent with its goal of 175 gigawatts of renewable energy by 2022.
The two sides expressed their readiness to work together to reach an ambitious and universal climate agreement under the Convention, it said.
"They reaffirm that the protocol, another legal instrument or agreed outcome with legal force under the Convention applicable to all parties shall address in a balanced manner, inter alia, mitigation, adaptation, finance, technology development and transfer, and capacity-building, and transparency of action and support," the statement said.
India and Germany also recognise that science, technology and innovation play a crucial role for the development of affordable, accessible and adaptable solutions in the areas of low carbon development and renewable energy generation, it added.
The statement further said that the Indo-German Climate and Renewables Alliance shall intensify cooperation on climate and energy technology issues, including within the already existing fora established for this purpose.
"It shall foster stronger integration of all actors concerned with bilateral cooperation on climate and energy technology issues, and for this purpose will encompass progressive public and private sector entities from both countries," it added.
Both countries, it said, will intensify their ongoing cooperation on climate and renewables technology under the new Indo-German Climate and Renewables Alliance, including on next generation solar technology, renewable energy storage, super-efficient appliances and buildings, energy-efficient rail and water infrastructure and off shore wind.
Both countries affirm that several already established bilateral dialogue structures, such as the Indo-German Energy Forum and the Indo-German High-Technology Partnership Group are already doing important work for the transition to low-carbon economies.
Original Post: Business Satandard