NEW DELHI: R K Singh, the Minister of Power and New & Renewable Energy, had a productive meeting with a delegation from France to discuss collaborative efforts in accelerating the worldwide energy transition, as stated by the Ministry of Power.

On Tuesday, Singh met with a high-level delegation from France, led by Chrysoula Zacharopoulou, the Minister of State for Development, Francophonie, and International Partnerships. The primary objective of the meeting was to strengthen the cooperation between India and France under the framework of the International Solar Alliance (ISA), where India holds the presidency and France serves as the co-president. The main focus of the discussion revolved around the expansion of solar energy projects globally, with a particular emphasis on Africa.

Singh emphasized the importance of providing financial support to economically weaker countries through green funds, enabling them to undertake renewable energy projects. He highlighted the significance of ensuring universal energy access while transitioning to clean energy sources. Singh expressed his commitment to supporting the ISA in promoting solar energy projects, especially in Africa, where a considerable portion of the population lacks access to electricity.

Furthermore, Singh emphasized the establishment of three funds: insurance for renewable energy projects, payment security mechanisms, and debt financing arrangements. Once operational, these funds would attract investments and contribute to the growth of the renewable energy sector. Singh cited India's success in this regard, mentioning the creation of a payment security mechanism fund that has facilitated investments in renewable energy projects.

According to the ministry, both parties recognized the urgent need for electrification in Africa and acknowledged solar energy as the most viable and cost-effective option to achieve widespread energy access on the continent. The French delegation expressed interest in gaining insights from India's experience in deploying renewable energy.

The discussion also touched upon the remarkable progress made by Kenya in the field of renewable energy. Both sides explored the possibility of organizing an ISA conference in Kenya to share best practices and foster collaboration among member countries.

Singh highlighted India's steadfast commitment to the energy transition, emphasizing that the country has achieved a per capita emission rate one-third of the global average. He also highlighted India's rapid adoption of non-fossil fuel sources, which currently account for 43% of the country's energy capacity. In addition, India has set ambitious targets to reduce its emission intensity by 45% by 2030.

The minister mentioned India's plans to become a global leader in green hydrogen and the ongoing efforts to rapidly increase renewable energy capacity, which will significantly contribute to reducing the cost of energy.

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