Need to Reduce Cost and Create enough Battery Storage - CEA, Dr Anantha Nageswaran

Congratulating GEAPP and ORF on the first edition of The Energy Transition Dialogues (TETD); Dr. V. Anantha Nageswaran, Chief Economic Advisor (CEA) to the Government of India stated India is phasing in renewable energy instead of phasing out fossil fuels. The country is already on track in achieving the target of 50% cumulative electric power installed from non-fossil fuel based energy resources by 2030. He further stressed on the urgent need for enough battery storage and to bring down the current high cost to resolve the issue of intermittency and expedite the shift to renewable energy technologies.

"Energy transition is a complex multi-decadal process and we do not have a silver bullet solution to it. Therefore, rather than focusing on the state of helplessness, countries must take ownership of the climate problem and promote a collaborative atmosphere for embracing and actively engaging in climate action," said Dr. V. Anantha Nageswaran, Chief Economic Advisor to the Government of India.

The day brought with it a key announcement on the expansion of GEAPP's BESS ambitions. IndiGrid, India's first power sector infrastructure investment trust, was recently awarded its first battery energy storage system (BESS) project to design, supply, test, install, commission, operate, and maintain a 20 MW/40 MWh in Delhi. GEAPP aims to provide concessional debt financing for 70 percent of the total capital investment and technical assistance for the project. The implementation provides a new pathway since many similar projects have been stuck due to high costs and regulatory bottlenecks. This project is an initiative to fulfill GEAPP's target of 1 GW for DISCOMS under BESS by 2026. GEAPP will work on a scale-up plan with DISCOMs to achieve the target of 200 MW by providing technical assistance and concessional funding.

The event will conclude with the release of TETD Communique - Blueprint for a People-Positive Energy Transition, a clear roadmap outlining key principles and actionable plan crucial for accelerating a sustainable energy transition in India and the world. The Communique stands as a testament to the collaborative efforts and shared commitment of all partners involved in the Dialogues.

About Global Energy Alliance for People and Planet (GEAPP)

The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments in emerging and developed economies, and technology, policy, and financing partners. Our common mission is to enable LMIC's shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth, while supporting the global community to meet critical climate goals during the next decade. As an alliance we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners, IKEA Foundation, The Rockefeller Foundation, and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions, and assist just transition solutions.

For more information, please visit www.energyalliance.org and follow us on Twitter at @EnergyAlliance.