Source: Financial Times London
"India's solar power target not impossible, but difficult: Birol"
As India gears up to reset the country’s solar mission target to 100,000 MW and 60,000 MW of wind power by 2022, the International Energy Agency’s (IEA) Chief Economist and Executive Director-elect, Fatih Birol, feels that the infrastructure and regulatory framework of the country will need to be in sync to make the target achievable.
“The current government has the intent. By putting energy at the top of the policy agenda, the (Narendra) Modi government is making commendable progress toward steering India’s energy system onto a more secure and sustainable path. For example, India has set ambitious renewable energy targets. Achieving the solar PV (photo voltaic) target would require investments of at least $17 billion annually. This is not impossible, but difficult and challenging,” he told BusinessLine from London prior to the release of Paris-based IEA’s World Energy Outlook Special Report on Energy and Climate Change. With the momentum building for the 21st UN Conference of the Parties (COP21) in Paris in December, India has proposed separate brainstorming sessions to sort out contentious issues such as pre-2020 action, finance, technology, legal nature of the agreement and differentiation. Financing of green energy will be a key component in helping countries, such as India, meet their green targets.