The 3rd Energy Transitions Working Group Meeting (ETWG) under India’s G20 Presidency was held in Mumbai, Maharashtra on 15th May 2023.Bhupinder Singh Bhalla, Secretary, the Ministry of New and Renewable Energy (MNRE), announced that India is committed to an accelerated, responsible and just energy transition through international cooperation and collaboration.
- This was announced during the official side event “Low-cost Finance for New & Emerging Energy Technologies” organised as a part of the 3rd ETWG.
- The side event was organised by the MNRE along with Indian Renewable Energy Development Agency (IREDA), and International Renewable Energy Agency (IRENA).
- The 3rd ETWG Meeting will be chaired by Shri Alok Kumar, who serves as the ETWG Chair and Secretary of the Ministry of Power, Government of India.
- The first two meetings of the ETWG were held in Bengaluru,Karnataka and Gandhinagar,Gujarat respectively.
Highlights of the side event of 3rd ETWG:
i.A report titled “Low-Cost Finance for Energy Transition” prepared by IRENA in collaboration with the MNRE was also released during the side event of 3rd ETWG.
- The report highlights the comprehensive toolbox to increase the availability of low-cost capital in G20 countries and beyond.
ii.During the event, 2 other reports titled “Financing Needs for New Age Critical Technologies: CO2 Capture Utilization and Storage (CCUS)” and “Financing Needs for New Age Critical Technologies: Battery Energy Storage (BES)” were also released.
- These reports were developed by the Ministry of Power, in collaboration with the Indian Institute of Management(IIM), Ahmedabad(Gujarat) and NETRA(NTPC Energy Technology Research Alliance).
- NETRA is a Research and Development(R&D) laboratory of NTPC Limited based in Greater Noida, Uttar Pradesh.
- Shri Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy, Shri Vivek Bharadwaj, Secretary of the Ministry of Mines, and Shri Amrit Lal Meena, Secretary of the Ministry of Coal,Pradip Kumar Das, Chairman & Managing Director, IREDA; Sunil Nair, Chief General Manager, Reserve Bank of India(RBI) were participated in the deliberations.
- Members from International Organisations such as International Energy Agency (IEA), and United Nations Environment Program (UNEP) were participated in the meeting.
i.During the side event, policymakers, financial institutions and technology developers deliberated on the estimation of cost-effective financing for an energy transition based on the future trajectory of emerging critical technologies such as Hydrogen, Offshore Wind, Energy Storage and Carbon Capture Utilization & Storage (CCUS).
- Low-cost financing is one of the 6 key priority areas established by the ETWG under India’s presidency.
ii.During the event, two-panel discussions moderated by Gauri Singh, Deputy Director-General, IRENA and Dan Dorner, Head of the Strategic Initiatives Office, International Energy Agency (IEA) respectively were held.
- The 1st-panel discussion focused on the “outlook of new and emerging energy technologies” and the 2nd focused on the theme “The role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in mobilising investments”.
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India is hosting the prestigious G20 (Group of Twenty) summit in 2023, as the country holds the G20 Presidency from December 1, 2022, to November 30, 2023.The first “G20 Energy Transition Working Group” (ETWG) Meeting under India’s G20 Presidency was held in Bengaluru, Karnataka, from February 5-7, 2023…Click here for more detail..
About Ministry of New and Renewable Energy(MNRE):
Union Minister– Raj Kumar Singh(Constituency- Arrah, Bihar)
Minister of State– Bhagwanth Khuba(Constituency- Bidar, Karnataka)