The United Kingdom has expressed its willingness to collaborate with India on Green Energy, an issue which was discussed by the visiting COP 26 President Alok Sharma in a meeting with Union Minister of Power and Renewable Energy R K Singh in New Delhi on Tuesday.
While requesting India for lending its support for organizing a successful COP26, Alok Sharma agreed with R K Singh in exploring the possibility of establishing a World Bank for Green Energy which could materialise the proposal for $100 billion climate finance pledged by the developed countries under the Paris Agreement.
According to a statement from the Ministry of Power, the Union Minister of Power and Renewable Energy informed the COP26 President that India has already retired 16369 MW of inefficient thermal units till March, 2021.
The COP26 President had raised the topic of phasing out of coal fired power plants, in the meeting. Secretary (Power), Secretary (MNRE) and High Commissioner of UK in India were also present.
RK Singh expressed India’s interest in collaborating with the UK on offshore wind.
He also stressed on the need of the developed and developing countries to work together to bring down the cost of storage.
He informed the delegation that India is the only G20 country whose actions are in accordance with the NDCs set by them under the Paris Agreement.
During the meeting, discussions were held on the need of increasing storage capacity in view of India’s ambitious target of having 450 MW of installed Renewable Capacity by 2030.
As per the Ministry, the UK side was invited to participate in the upcoming bids for Green Hydrogen and lithium-ion projects.