MNRE organises ‘Low-Cost Finance for New and Emerging Energy Technologies’ event

Low-Cost Finance for New and Emerging Energy Technologies was a recent event hosted by the Ministry of New and Renewable Energy (MNRE). During the third Energy Transition Working Group (ETWG) meeting. The event was conducted at the Jio World Convention Centre in Mumbai, Maharashtra, India, in collaboration with the International Renewable Energy Agency (IRENA), which served as the event’s knowledge partner, and the Indian Renewable Energy Development Agency (IREDA).

Policymakers, technologists, domestic and foreign financial institutions, development banks, business participants, academics, and other important stakeholders all actively participated in the event. The seminars were primarily concerned with estimating cost-effective finance for the energy transition based on the projected trajectory of emerging essential technologies: hydrogen, offshore wind, energy storage, and carbon capture, utilisation, and storage (CCUS).

At the G20 ETWG side event, the “Low-Cost Finance for Energy Transition” study, which was created by IRENA and the MNRE under the G20 India Presidency, was also unveiled. The report offers a complete toolkit to expand the pool of low-cost financing available in the G20 countries and beyond.

The opening plenary was in the presence of Bhupinder Singh Bhalla, Secretary, Ministry of New and Renewable Energy; Alok Kumar, ETWG Chair and Secretary, Ministry of Power; Abha Shukla, Principal Secretary Energy, Government of Maharashtra; Pradip Kumar Das, Chairman and Managing Director, IREDA; and Gauri Singh, Deputy Director-General, IRENA.

The side event included two panel discussions: the first covered the outlook for new and developing energy technologies, while the second covered the role of international financial institutions and development banks in mobilising capital. The construction of demand markets, a stable regulatory environment, substantial research and development, and long-term commitments are all necessary for the development and implementation of these vital technologies.