The German Embassy in New Delhi, under the Indo-German Partnership for Green and Sustainable Development (GSDP), hosted a key dialogue titled *”Financing the Renewable Energy Revolution”* on September 6, 2024.
Held during the International Solar Festival at Bharat Mandapam, New Delhi, the event brought together political, financial, and social leaders to discuss the challenges and opportunities of advancing India’s renewable energy targets.
India is ambitiously aiming to reach 500 GW of renewable energy capacity for electricity generation and 125 GW for green hydrogen production by 2030. As part of the global commitment to tripling renewable energy capacity by 2030, the event focused on the necessary financial investments, political frameworks, and social initiatives to drive this transition.
A Strong Partnership for Renewable Energy
Germany’s commitment to renewable energy was reaffirmed by Uwe Gehlen, Head of Development Cooperation at the German Embassy in New Delhi. “Germany has a long-standing commitment to renewable energy, grounded in our early decisions to innovate and take risks in developing sustainable technologies. Our partnership with India is not just about technology transfer; it is about supporting India’s leadership in this global energy transition,” said Gehlen.
He further emphasized, “By sharing our expertise, fostering regulatory frameworks, and building local capacities, we aim to catalyze a rapid shift towards sustainable energy, leveraging our combined strengths for a cleaner, more resilient future.”
The event underscored the Indo-German partnership as pivotal in supporting India’s leadership role in the global energy transition. This collaboration is expected to strengthen both nations’ capacities to meet ambitious climate goals.
Global Cooperation to Drive the Energy Agenda
Dr. Ajay Mathur, Director General of the International Solar Alliance (ISA), highlighted the significance of international partnerships in accelerating clean energy deployment. “The partnership between India and Germany is a powerful example of how global cooperation can drive the clean energy agenda forward. India’s leadership, in collaboration with Germany, can significantly accelerate the deployment of renewable technologies like solar, ensuring accessible and affordable energy for all.”
Dr. Mathur stressed that platforms like the GSDP conversation series play a crucial role in harnessing the potential of joint expertise and innovation, building momentum toward shared goals of a sustainable energy future.
Key Discussions on Financing and Collaboration
The event featured prominent speakers, including senior representatives from the Indian Ministry of New and Renewable Energy (MNRE). A wide range of topics were discussed, from enhancing international collaboration and de-risking investments in renewable energy to fostering social inclusion through skill development.
Uwe Gehlen pointed out the necessity of a multi-stakeholder approach, stating, “What we are obviously lacking across all nations is a system baseline where we address and set the priorities. The thing is, it’s a development issue, not one of the private sector alone and not of the public sector alone. It’s a development issue that must be addressed jointly.”
Dinesh Dayanand Jagdale, from the MNRE, echoed India’s ambitious renewable energy goals: “Looking at what India has achieved over the last 10 years and what India wants to achieve by 2030, we are looking at megafold growth. We are at around 205 GW of renewable, non-fossil-based capacity. We want to reach 500 GW, a long way to go, but that is the current level of our ambition.”
He also emphasized the government’s commitment to climate goals, saying, “The commitment from the Government of India at the highest level toward climate change is very well known. The targets are more ambitious, and when the targets are ambitious, all key stakeholders also raise their ambitions and become part of the story.”
Towards a Sustainable Future
The outcomes of this critical conversation will inform discussions at RE-INVEST 2024, India’s premier platform for showcasing its renewable energy potential. The Indo-German dialogue is expected to lay the groundwork for substantial investments and collaborations that will help India achieve its renewable energy goals.
The GSDP, initiated in 2022 by Prime Minister Narendra Modi and German Chancellor Olaf Scholz, provides a framework for cooperation on sustainability and climate goals. This partnership continues to evolve through dialogues like the one held at Bharat Mandapam, where innovation, financing, and collaboration were key themes.
The collaborative event emphasized the importance of shared expertise, regulatory frameworks, and financial resources in accelerating the global transition to renewable energy. As the world looks to India and Germany for leadership in clean energy, this partnership will play a vital role in meeting global sustainability targets.
