After initiating and founding the International Solar Alliance (ISA) jointly with France, India is now entering bilateral agreements with various countries to further the development of renewable energy generation and reduce its carbon footprint for a sustainable future.
The Government of India recently entered into a Memorandum of Understanding (MoU) to cooperate in the field of renewable energy with Greece. The MoU was signed by the External Affairs Minister, Sushma Swaraj and her counterpart Nikos Kotzias during the latter’s visit to New Delhi in November 2017.
Both sides aim to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit, equality, and reciprocity.
The MoU envisions establishing a joint working group to review, monitor, and discuss the renewable energy, and aims for the exchange of expertise and networking of information between India and Greece.
India has also entered a similar MoU with Fiji for cooperation in renewable energy that is expected to strengthen bilateral cooperation between the two countries and provide for an exchange of expertise and networking of information between the two countries.
India ratified the Paris Climate Accord in October 2016, setting a goal to generate 40 percent of its electricity from renewable energy sources.
According to preliminary estimates by the government, ₹166.55 trillion (~$2.5 trillion) is needed to reach its target of 40 percent electricity generation from renewables by 2030. These bilateral agreements will increase the inflow of cash and technology for the development of the renewable energy sector in India.
Image credit: By Jasveer10 (Own work) [CC BY-SA 4.0] via Wikimedia Commons
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.