India, along with France, hosted the first International Solar summit on March 11 in New Delhi, a major milestone in India’s rise as a leader in the renewable energy sector. Prime Minister Narendra Modi’s idea of forming an International Solar Alliance (ISA) was well received during the COP21 Climate Conference in Paris in November 2015, eventually leading to the creation of a Gurugram-based United Nations treaty body, registered under article 102 of the UN charter, on December 6, 2017.
Speed of India’s shift to green energy at par with China, Europe: Report
Transformation is aided by sustained deflation in renewable tariffs, tech upgrades, cheaper finance, expeditious tendering and political will
India is emerging as a transition force in power generation on par with China and Western Europe.
A report by US-based Institute for Energy Economics & Financial Analysis (IEEFA) says the country’s electricity generation market is changing rapidly. The transformation is helped by a sustained deflation in renewable energy tariffs, technology upgrades in wind and solar sectors, availability of cheaper financing, acceleration in wind and solar tender activity and a national political desire to abide by the Paris climate accord.
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