As the world’s third largest source of greenhouse gases, India’s priority is to feed its energy needs without adding to current emissions: clean energy is at the top of the current Indian political agenda. The ambitious plan to contribute to the fight to climate change by significantly expanding the use of solar panels across the country has recently gained credibility after Obama’s declared intention to financially support the Indian Government.
The statement was made at a press conference in New Delhi as Prime Minister Narendra Modi confirmed his aim for India to install by 2022 as much photovoltaic capacity as the U.S. has now. Without giving further detail or making specific grant in fact, Obama said the U.S. will “stand ready to speed this advancement with additional financing”.
According to Arunabha Ghosh, CEO at the Council on Energy, Environment & Water based in New Delhi, in fact, expanding the solar power in the next seven years from 20,000 to 100,000 megawatts, will require a budget of $160 billions.
Despite being an ambitious goal, the incoming huge amount of investments from national and international stakeholder are making it tangible, and, ultimately, achievable.
With the aim to support India in reaching the target, within the depicted context and in the framework of its purpose, mission and long term vision, Challenge Advisory will be convening an extraordinary Summit on the 3rd & 4th November 2015 in New Delhi in partnership with the Ministry of New and Renewable Energy.
Bringing together government Ministries, United Nation agencies and the private sector, the event will establish a platform to facilitate debate and dialogue among the main public and private actors within the renewable energy sector, to discuss opportunities and challenges India will have to face in its race to be a global leader in solar energy and reach their goals.
Following Challenge Advisory‘s successful missions to Thailand and Tanzania, the Summit will foresee the active participation of national and regional governments, civil society, financial institutions, research organisations, developers, manufacturers and innovators and will forge links between the Indian government, the private sector, international agencies and top donors, creating an interactive space for multilateral cooperation. In particular, the Summit will focus on national and regional regulatory policies in respect to investment, subsidies to innovation and technology transfer and will deeply discuss the need to increase enterprise-to-enterprise cooperation, joint ventures and public-private partnerships.