PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO

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					</table>The Japan Bank for International Cooperation (<a href="https://www.jbic.go.jp/en/" target="_blank" rel="noopener">JBIC</a>) and the Government of India (<a href="https://www.india.gov.in/" target="_blank" rel="noopener">GoI</a>) have signed an agreement to establish a $600 million India-Japan Fund (IJF) to address climate and environmental challenges.
The fund will focus on environmental preservation in India, encompassing sectors such as renewable energy, electric vehicles, waste management, and water management projects.
The government of India will contribute 49% of the target corpus and JBIC the remaining 51%.
The India-Japan Fund is a product of collaboration between the National Investment and Infrastructure Fund Limited (<a href="https://www.niifindia.in/" target="_blank" rel="noopener">NIIFL</a>), India&#8217;s collaborative investment platform for both domestic and international investors, and JBIC, Japan&#8217;s policy-based financial institution.
India’s Ministry of Finance said the fund will focus on investing in environmental sustainability and low carbon emission strategies and aims to be a ‘partner of choice’ to enhance Japanese investments into India further.
JBIC said Japanese companies have faced supply chain disruptions due to the volatile global economic landscape. In this context, India has emerged as an attractive destination for the relocation of production bases and new investments, given its robust economic growth and vast market potential.
The fund aims to support Indian companies and projects collaborating with Japanese counterparts to foster a deeper and more productive relationship between them across various industries.
JBIC said India has reaffirmed its goal of achieving carbon neutrality by 2070 during the COP26 conference in November 2021. The government has taken active steps towards achieving this vision by promoting sustainable practices such as the widespread adoption of renewable energy sources and facilitating the growth of electric vehicles.
Programs like the Swachh Bharat Mission, the Smart City Mission, and subsidies for Waste-to-Energy are pivotal components of India&#8217;s strategy to attain carbon neutrality. JBIC&#8217;s investment in the India-Japan Fund is expected to bolster these environmental preservation efforts in India.
In November 2022, JBIC and NIIFL signed a memorandum of understanding aimed at promoting environmental preservation, low carbon emissions strategies, and the growth of the Indian economy.
In March, government-owned SJVN <a href="https://www.mercomindia.com/sjvn-%E2%82%B99-2-billion-loan-japan-cooperation" target="_blank" rel="noopener">secured</a> a green financing loan of ₹9.15 billion (~$111.2 million) from the JBIC to construct two solar power projects in India.
In the same month, PFC <a href="https://www.mercomindia.com/japan-bank-loans-emissions-reduction-projects" target="_blank" rel="noopener">inked</a> a project loan agreement with the JBIC for a ¥2.6 billion (~$20.2 million) facility.

India, Japan Launch $600 Million Fund Focusing on Low Carbon Emission Strategies

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
COP 26 President Alok Sharma and NITI Aayog <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1843575" target="_blank" rel="noopener">launched</a> initiatives to boost electric mobility and promote India&#8217;s battery reuse and recycling market. The two initiatives launched were — E-AMRIT (Accelerated e-Mobility Revolution for India&#8217;s Transportation) mobile application to raise awareness of electric mobility and the Report on Advanced Chemistry Cell Battery Reuse and Recycling Market in India. NITI Aayog has been collaborating with the UK Government on e-vehicles, charging infrastructure, and battery storage to bolster this low-carbon infrastructure. The e-AMRIT app offers users essential information like engagement tools that enable them to assess the benefits of electric vehicles, determine savings and get all the information on developments in the Indian electric vehicle market and industry at their fingertips. The report on “Advanced Chemistry Cell Battery Reuse and Recycling Market in India,” supported by the UK’s Green Growth Fund Technical Cooperation Facility, aims to promote battery recycling of current and evolving battery technologies and the battery supply chain as uptake of electric vehicles increase in India.
Tata Motors <a href="https://www.tatamotors.com/press/tata-motors-bags-prestigious-order-of-1500-electric-buses-from-delhi-transport-corporation-under-the-cesl-tender/" target="_blank" rel="noopener">announced</a> that it bagged an order for 1,500 electric buses from Delhi Transport Corporation (DTC) under the larger tender by Convergence Energy Services Limited. Tata Motors will supply, operate, and maintain air-conditioned, low-floor, 12-meter, fully built electric buses for 12 years. Tata Starbus electric buses are expected to offer state-of-the-art technology for sustainable, eco-friendly, and economical public transportation and would be equipped with modern features to enable safe, smooth, and comfortable passenger travel.
EV maker Hero Electric <a href="https://heroelectric.in/hero-electric-begins-work-on-second-facility-in-ludhiana-to-be-ready-by-feb-2023/" target="_blank" rel="noopener">announced</a> that it had begun work on its second manufacturing plant in Ludhiana, Punjab, expected to be functional by February next year. The new facility will be built adjacent to its existing facility. It is spread across 10 acres and will have an annual production capacity of 200,000 vehicles. The plant would be a hub for building new battery design and development and futuristic products. The second plant at Ludhiana is also expected to bolster R&amp;D and HR mechanisms for skill building and talent acquisition through integrated and unique recruitment plans. The announcement of a new facility comes months after the company announced raising its annual production capacity to 1 million units in the next three years.
Olectra Greentech announced that Evey Trans (EVEY) <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/b3807881-be44-441a-b2fd-3fa541a91157.pdf" target="_blank" rel="noopener">received</a> the letter of award from Telangana State Road Transport Corporation for 300 electric buses worth ₹5 billion (~$62.68 million) under the FAME-II scheme of the Government of India. The order for the supply of 300 electric buses is on a Gross Cost Contract (GCC) / OPEX model basis for 12 years. EVEY shall procure these buses from Olectra Greentech, to be delivered over 20 months. Olectra shall also undertake maintenance of these buses during the Contract Period.
Invenergy, a Chicago-based sustainable energy solutions company, <a href="https://www.prnewswire.com/news-releases/invenergy-launches-first-green-hydrogen-project-deploying-ohmium-international-solution-accelerating-clean-energy-transition-301591807.html" target="_blank" rel="noopener">announced</a> its first green hydrogen project. The five-acre Sauk Valley Hydrogen project will generate green hydrogen by utilizing power from Invenergy&#8217;s co-located solar plant and Ohmium International&#8217;s low-carbon electrolyzer technology. The Sauk Valley Hydrogen Project is expected to generate up to 52 tons of hydrogen annually. The project will be able to store up to 400 kilograms of hydrogen on-site and provide hydrogen to Invenergy&#8217;s 584 MW Nelson Energy Center. Sauk Valley&#8217;s loading capability will enable any excess hydrogen generated at the facility to be shipped and used offsite.

Daily News Wrap-Up: COP26 President and NITI Aayog Launch E-Mobility App

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					</table>Last year was a banner year for the Indian solar sector, with capacity additions breaking the 10 GW for the first time, raising hopes of India achieving the 500 GW renewable energy target by 2030.
Out of the 500 GW renewables target, 280 GW is set for solar power. This means approximately 27 GW of solar capacity must be added annually until 2030.
The target is no doubt stiff. But policymakers and the industry alike are confident, despite the challenges the renewable energy sector must contend with.
According to Mercom India’s <a href="https://mercomindia.com/product/q1-2022-india-solar-market-update/" target="_blank" rel="noopener">Q1 2022 India Solar Market Update</a>, India’s cumulative installed solar capacity stood at 52 GW at the end of Q1, with over 3 GW <a href="https://mercomindia.com/india-solar-installations-rise-q1-2022/" target="_blank" rel="noopener">added</a> during the quarter. India added 4.6 GW of total power capacity during the quarter, with solar accounting for 68% of it. Based on Mercom&#8217;s forecast, 2022 is expected to be even better.
There are some hurdles to cross; for instance, the Approved List of Models and Manufacturers (ALMM) and basic customs duty (BCD) restrict the import of solar modules. This means that developers must procure only Indian-made solar modules. Indigenous module manufacturing capacity, however, is limited.
The government has focused on strengthening self-reliance through initiatives such as the performance-linked incentive (PLI) program for module manufacturing.
Similarly, rooftop solar subsidies and the recently announced green energy open access policy are steps in the right direction. These policies are expected to drive commercial and industrial consumers to opt for solar.
Mercom spoke to solar executives for their views on India’s chances of achieving the 2030 target, and the challenges before the renewable energy sector.
Is the target of 280 GW by 2030 attainable?
Vneet S. Jaain, Managing Director &amp; CEO, <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, is optimistic about the future. “I believe India can achieve its target of 500 GW non-fossil fuel capacity with 50% generation from non-fossil fuel energy sources by 2030 as announced during COP26.”
He said that in the National Institute of Solar Energy’s assessment, the country has a solar potential of about 748 GW, assuming 3% of the wasteland area to be covered by solar photovoltaic modules. The National Institute of Wind Energy estimates the gross wind potential at 120 meters to be 695 GW.
Jaain contends that the government is taking the right steps. “The country’s focus on developing large-scale renewable parks through the ‘Ultra Mega Power Projects’ scheme has been very successful, leading to the establishment of some of the largest solar parks in the world. Further, policy support in the form of initiatives such as priority grid access to renewables has significantly added utility-scale renewable capacities and attracted substantial private investment. Even small-scale renewable adoption has been pushed through initiatives such as ‘Grid Connected Rooftop Solar Program’ and ‘PM KUSUM’ scheme for farmers installing solar pumps and grid-connected solar.”
Gaurav Sood, Chief Executive Officer, <a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>, points out that renewable energy is now the country&#8217;s most competitive form of energy and contributes to around 28% of India’s installed electricity capacity as of May 2022. He said, “If we throw in large hydro into the energy-mix, it already reaches 40% of current installed capacity, which is almost equivalent to Indian government’s spelled out vision of achieving renewables share of at least 50% in the installed generation capacity by the end of the decade.”
Favorable policy environment
According to Goutam Samanta, Head of PV Technology at <a href="http://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, ALMM, PLI, and BCD on solar are all good moves to develop domestic manufacturing capacity and reduce reliance on imports. “India’s renewable energy footprint has grown dramatically over the last four to five years due to the policies encouraging domestic and international investor participation in the sector.”
Stakeholders say policy at the Central and state levels is critical to achieving targets.
Anirban Mondal, Manager, Legal, <a href="https://axisenergy.in/" target="_blank" rel="noopener">Axis Energy</a>, said, “Laws favoring developers and consumers, domestic manufacturing of high-efficiency solar cells, modules, green hydrogen, and better grid integration for power evacuation hold the key to India’s achieving the ambitious target of 500 GW by 2030.”
He said that while some state governments have done well in creating a favorable policy environment for developers, others must rise to the occasion to bring in structural changes.
Industry Challenges
As renewable energy component prices rise due to supply chain and availability issues, the industry has struggled with project costs and maintaining profitability.
Jaain feels it is essential to build an indigenous solar manufacturing ecosystem to manage price escalations and the limited availability of solar modules. “The renewable purchase obligations also need more stringent rules to ensure effective implementation. Solving the riddle of cash flow problems faced by the state DISCOMs is yet another vital element, and the government is working on this through amendments to the Central Electricity Act. “
Sood agreed with Jaain about the need to improve the financial health of DISCOMs. On his wish list are steps to make land and transmission infrastructure available, easier power sale agreement approvals, and open access.
The industry sees the recent implementation of BCD and the GST hike as hurdles. Samanta referred to the increase in GST from 5% to 12% just a few months before the implementation of BCD and ALMM. “This created a lot of challenges and doubts among investors. The market needs a consistent policy to add 280 GW of solar power.”
The rooftop riddle
Despite favorable tweaks, the growth of rooftop solar installations has not been impressive. According to the <a href="https://mercomindia.com/product/q4-2021-india-rooftop-solar-market-report/" target="_blank" rel="noopener">Mercom India Rooftop Solar Market Report Q1 2022</a>, India <a href="https://mercomindia.com/india-added-over-456-mw-of-rooftop-solar-capacity-in-q1-second-highest-in-a-quarter/" target="_blank" rel="noopener">installed</a> 456 MW of rooftop solar capacity in the first quarter (Q1) of 2022.
Samanta said, “This is because of the absence of lucrative investment returns as solar prices have increased. States should work together with SECI as per MNRE guidelines not only on installation target but also on transmission &amp; distribution with green corridors such as ISTS. “
Mondal believes India needs a uniform policy in favor of consumers purchasing solar electricity. “Often, DISCOMs discourage open access and levy unnecessary charges on customers. The Electricity Act 2003 clearly states non-discriminatory use of open access, yet these state entities act in contravention of the law. “
He says state regulators must raise the bar for the procurement of renewable energy and ensure strict adherence to the renewable purchase obligations. “We have seen regulators imposing a tariff on purchasing green energy from DISCOMS, which should be reasonable rather than absurd. In some states, the green energy tariff is exorbitant in the range of ₹12-₹15 (~$0.15-$0.18)/kWh.”
Policy Recommendations
According to Jaain, the PLI program, Basic Customs Duty imposition, and ALMM are desirable.  While the recent Green Energy Open Access policy was a welcome move as it would help open up opportunities for C&amp;I consumers. He said, “State-level cooperation is also essential since the state utilities usually lose out due to the open access given to the C&amp;I segment.”
He also pitches for longer-term financing options for which the government must work out policies matching the power purchase agreement terms. “The government must offer globally competitive interest rates and improve finance availability through a dedicated clean energy fund or earmarking more funds by banks and financial institutions towards clean energy.”
Connectivity policy
One of Sood’s concerns is policies related to connectivity and land acquisition. “States like Gujarat, Maharashtra, and Rajasthan have started publishing the list of substations where the injection capacity is available. This needs to be replicated in the rest of the country. There needs to be a transparent process for allotting connectivity at a particular substation, and the list needs to be updated periodically factoring in connectivity granted after last state tender.”
He expects the amendments to the Electricity Act to be tabled in the upcoming monsoon session, which should lead to competitiveness in the retail market. According to him, delicensing the retail market could open a large segment of the market for renewable energy generators, primarily through the corporate power purchase agreement route.
Samanta believes that the focus should be on the utility-scale, hybrid, peak power, and round-the-clock (RTC) installations. With increased renewable energy penetration, the demand for RTC power would increase. “The energy storage price will also fall due to economies of scale and EV adoption. green hydrogen will also play a significant role. “
With our earlier experience, we know it is a very ambitious target, and both central and state regulatory commissions need to work on creating enabling policies. To provide stability and achieve renewable energy targets, we first need a consistent policy across all the states, and after this, state governments need to solve their local problems.”
While the central government has been implementing supportive policies to help the sector achieve the set target, it will be critical for all the states to come together and contribute to this effort.
The government has implemented various measures to improve the financial health of the DISCOMs, which will help make the energy sector more robust in terms of capital flow.
“The 280 GW by 2030 installation target for solar set by the government is only achievable if binding policy measures are in place, including incentives when goals are met and penalties when they are not. A yearly target with accountability will ensure the goal remains in reach. All enabling policies need to be interconnected with buy-in from states for this to work. For example, if the government imposes a basic customs duty to build a domestic supply chain, it also needs to ensure that enforceable policies are in place all the way to PPA signing so procurement does not slow down.  That is the missing piece right now,” said Raj Prabhu, CEO of Mercom Capital Group.
Mercom India will be <a href="https://mercomindia.com/event/solar-summit-2022/" target="_blank" rel="noopener">hosting</a> a Solar Summit 2022 on July 28-29 in New Delhi, an exclusive event hosting important stakeholders across the solar sector. Attendees include government officials, investors, manufacturers, developers, and other key industry players who will discuss current issues, opportunities, and emerging trends in the industry. This will include the government’s push for local manufacturing, its aggressive solar installation goal of 280 GW by 2030, supply chains, technology, financing, and other critical issues.

Policy Tweaks Necessary to Achieve India’s Solar Target of 280 GW by 2030

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					</table><a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">British International Investment</a> (formerly CDC Group), a U.K. government-owned development finance institution, will invest up to $250 million in a new passenger electric vehicle (EV) venture to be launched by Mahindra &amp; Mahindra, a leading Indian automotive group.
British International&#8217;s investment is designed to accelerate the availability and adoption of EVs in India and other markets served by Mahindra and support an ecosystem of EV component manufacturers. The business will develop four-wheel passenger EVs for Indian consumers and other global markets.
The first round of British International&#8217;s capital investment will be completed before June 2023 on fulfillment of conditions precedent, and the rest post completion of specific milestones in the financial year 2024.
&#8220;The acceleration of EV development in India will be critical to supporting the country in reaching its emission targets as well as improving air quality in many urban areas. Mahindra will play a central role in the decarbonization of the automotive industry in India and elsewhere,&#8221; said Nick O&#8217; Donohoe, Chief Executive of BII.
The venture will also lead to the creation of around 8,000 skilled jobs – a quarter of which is expected to be women and contribute towards mitigating 2.1 million tons of C02 equivalent emission.
British International Investment and Mahindra will work together to attract other like-minded investors into the new EV business over the next few years as it goes on to create a world-class portfolio of electric SUVs. Mahindra will unveil its EV design philosophy and product line-up on August 15 at its site in Oxfordshire.
&#8220;The Mahindra Group aims to be Planet Positive by 2040. Mahindra has been a pioneer in the electric vehicles space, and we are confident we will be the leaders in the electric SUV market in the future,&#8221; said Anish Shah, MD &amp; CEO, Mahindra &amp; Mahindra.
In January, Mahindra and Hero Electric <a href="https://mercomindia.com/daily-news-wrap-up-hero-electric-partners-ev-manufacturing/" target="_blank" rel="noopener">announced</a> a collaboration to create multiple synergies to help drive EV adoption in India. Mahindra would manufacture Hero&#8217;s two-wheeler EVs at its Pithampur plant.
Last year, Mahindra said it was <a href="https://mercomindia.com/news-wrap-up-flipkart-mahindra-ev-deployment/" target="_blank" rel="noopener">partnering</a> with e-commerce giant Flipkart to augment the deployment of the latter&#8217;s logistics fleet with EVs. The partnership envisaged the deployment of 25,000 EVs for Flipkart by 2030.

British International Investment Announces $250 Million for Mahindra’s EV Venture

A recent study by the international banking group <a href="https://www.sc.com/en/" target="_blank" rel="noopener">Standard Chartered</a> reveals how developed countries can help the world&#8217;s emerging economies achieve the climate transition finance of $94.8 trillion, higher than the annual global GDP.
The report establishes ways for the developed countries to boost transition financing and help emerging nations achieve the central goal of the Paris Agreement, which is to limit global warming to below 2 degrees Celsius, preferably below 1.5 degrees.
The report titled &#8220;Just in Time: Financing A Just Transition&#8221; stresses the need for insurance policies to help the developing countries in this transition to a greener future. It observes that a just transition is possible only when investments by developed nations meet climate objectives without depriving the emerging markets of their opportunity to grow.
<a href="https://mercomindia.com/wp-content/uploads/2022/04/Picture1-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-34267" src="https://mercomindia.com/wp-content/uploads/2022/04/Picture1-1.png" alt="Emerging Economies Need $95 Trillion to Achieve Net-Zero Targets: Report" width="602" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture1-1.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture1-1-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture1-1-600x415.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a>
With finance from developed countries, the global GDP will likely be $108.3 trillion higher between 2021 and 2060.
Two ways to raise transition finance
The report suggests two ways for emerging nations to raise the transition finance of $94.8 trillion. One is self-financing, while the other way is developed market financing. If emerging markets raise the capital themselves, at least 75% of the revenue will be derived from households via taxes, and 25% will be borrowed. Such a transition will help reduce household energy consumption by $79.2 trillion.
The developed market financing model suggests a split between the public and the private sector — for investments in power and energy efficiency. The private sector will play a significant role by bringing in loans of over $2 trillion annually, which is$83 trillion between 2021 and 2060. The report claims that such financing will reduce the pain of paying for net-zero, ultimately helping emerging economies transition faster.
Mark Campanale, Founder, of the Carbon Tracker Initiative, said, &#8220;The finance community must support existing renewable energy infrastructure platforms in the global south and develop new structures required to enable private sector capital to flow market-by-market. Investors prefer big projects, but emerging markets require financing to support decentralized energy systems – so we need to find a way of mobilizing private sector capital into smaller investments.&#8221;
India faces a $12.4 trillion gap
India, for instance, needs $17.77trillion to achieve its net-zero goals by 2070. The country currently faces a financial gap of $12.4 trillion, which is likely to be financed by developed countries. While India intends to invest $8.5 trillion in the power sector, $6 trillion will be invested in energy-efficient projects, $2.7 trillion to offset household carbon tax revenues and heating taxes, and $573.3 billion in other public expenditures.
<a href="https://mercomindia.com/wp-content/uploads/2022/04/Picture2.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-34268" src="https://mercomindia.com/wp-content/uploads/2022/04/Picture2.png" alt="Emerging Economies Need $95 Trillion to Achieve Net-Zero Targets: Report" width="602" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture2-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Picture2-600x415.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a>
Last month, in its 25th report on &#8216;Financial Constraints in Renewable Energy Sector,&#8217; the Parliamentary Standing Committee on Energy <a href="https://mercomindia.com/renewables-sector-needs-an-annual-investment-2/" target="_blank" rel="noopener">noted</a> that India needs annual investment worth ₹1.5-₹2trillion (~$19.72-~$26.29 billion) in the renewables sector till 2030.
At the COP26 Summit in Glasgow, Prime Minister Narendra Modi said that India set a target of<a href="https://mercomindia.com/india-become-carbon-neutral-2070/" target="_blank" rel="noopener"> installing</a> a non-fossil energy capacity of 500 MW by 2030. Modi had said that India aims to reduce 1 billion tons of carbon emissions until the end of this decade. To set up the infrastructure and procure the needed raw materials, he said India expects climate finance of $1 trillion from developed countries.
The Indian government is also taking <a href="https://mercomindia.com/budget-2022-module-manufacturing-%e2%82%b9195-billion-pli-program/" target="_blank" rel="noopener">measures</a> to cut emissions. In the budget 2022-23, the Finance Minister of India, Nirmala Sitharaman, said that the central government would issue green bonds to mobilize green infrastructure for public sector projects to reduce carbon emissions.

Emerging Economies Need $95 Trillion to Achieve Net-Zero Targets: Report

The 2021 United Nations Climate Change Conference (<a href="https://ukcop26.org/" target="_blank" rel="noopener">COP26</a>) concluded with nearly 200 countries agreeing with the Glasgow Climate Pact to keep the target of limiting global warming to 1.5°C. For the first time, the conference agreed to accelerate efforts towards the phase-down of coal power.
The text of the pact includes &#8216;phase-down of unabated coal power&#8217; and &#8216;inefficient fossil fuel subsidies,&#8217; as well as &#8216;mid-century net-zero.&#8217; This language has never been included in UN text before.
Under the U.K. presidency and with the support of the United Nations Framework Convention on Climate Change (<a href="https://unfccc.int/" target="_blank" rel="noopener">UNFCCC</a>) Secretariat, delegates forged agreements that strengthen collective climate action.
Climate negotiators ended two weeks of intense talks with a consensus on urgently accelerating climate action. The Glasgow Climate Pact, combined with increased ambition and action from countries, means that 1.5°C remains in sight and scales up action on dealing with climate impacts.
Climate finance for developing countries
Finance was extensively discussed throughout the session, and there was consensus on the need to increase support to developing countries. The members welcomed the call to at least double finance for adaptation. The duty to fulfill the pledge of providing $100 billion annually from developed to developing countries was also reaffirmed. A process to define the new global goal on finance was launched.
COP26 also saw a record finance raising effort for the Adaptation Fund of over $350 million, thrice the previous highest. Contributions to the Least Developed Country Fund reached $600 million.
Richa Sharma, Additional Secretary, Ministry of Environment, speaking on behalf of the BASIC (Brazil, South Africa, India, and China),  made it clear that timelines and milestones were required to determine the exact magnitude of the new finance goal.
Sharma highlighted that the cover decisions of COP26 should remain within the confines of the UNFCCC and the Paris Agreement and be entirely consistent with its guiding principles of equity and Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC).
Accelerating efforts to reduce emissions
On mitigation, the persistent gap in emissions was clearly identified. Members agreed to reduce that gap and ensure that the world continues to advance during the present decade so that the rise in the average temperature is limited to 1.5°C. Members were encouraged to strengthen their emissions reductions and align their national climate action pledges with the Paris Agreement.
The Intergovernmental Panel on Climate Change had <a href="https://mercomindia.com/rapid-cuts-in-ghg-emissions-needed/" target="_blank" rel="noopener">warned</a> that limiting global warming to close to 1.5°C or even 2°C will be impossible unless there are immediate, rapid, and large-scale reductions in greenhouse gas emissions.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-30502" src="https://mercomindia.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets.png" alt="Net Zero Emissions Targets" width="442" height="440" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets.png 442w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets-300x300.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets-150x150.png 150w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets-45x45.png 45w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Net-Zero-Emissions-Targets-100x100.png 100w" sizes="(max-width: 442px) 100vw, 442px" />
&#8220;We can now say with credibility that we have kept 1.5°C alive. But, its pulse is weak, and it will only survive if we keep our promises and translate commitments into rapid action. I am grateful to the UNFCCC for working with us to deliver a successful COP26,&#8221; said Alok Sharma, U.K. President, COP26.
In addition, a key outcome is the conclusion of the so-called Paris rulebook. An agreement was reached on the fundamental norms related to Article 6 on carbon markets, which will make the Paris Agreement fully operational. This will give certainty and predictability to both market and non-market approaches in support of mitigation and adaptation. The negotiations on the enhanced transparency framework were also concluded, providing for agreed tables and formats to account and report for targets and emissions.
Earlier this year, the UN Environment Programme had <a href="https://mercomindia.com/investing-climate-economic-un-report/" target="_blank" rel="noopener">released</a> a report that said nations must boost their efforts to adapt to the changing climate scenario to avoid dire consequences in the future. The UNEP Adaptation Gap Report 2020 stated that about 72% of countries had adopted at least one national-level plan for adaptation and most developing countries have one in the works.
Recently, the Economic Survey for 2021 had <a href="https://mercomindia.com/economic-survey-2021-india-climate/" target="_blank" rel="noopener">revealed</a> that India would require around $206 billion (~$15 trillion) between 2015 and 2030 to fight climate change.

1.5°C Goal is Alive but, its Pulse is Weak: COP26 Concludes

Here are some noteworthy cleantech announcements of the day from around the world:
India&#8217;s space agency ISRO would soon give the world a &#8216;solar power calculator&#8217; that will use satellite data to measure the solar energy potential of any region in the world. This application will help to decide the location of solar energy projects across the globe. This was <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1769062" target="_blank" rel="noopener">announced</a> by Prime Minister Narendra Modi at the COP26 global climate summit in Glasgow. The application will strengthen the One Sun One World One Grid initiative. Modi launched the Green Grids Initiative &#8211; One Sun One World One Grid jointly with U.K. Prime Minister Boris Johnson at the &#8216;Accelerating Clean Technology, Innovation and Deployment&#8217; leader&#8217;s event at COP26.
FTC Solar, a provider of solar tracker systems, technology, software, and engineering services, announced that it had been <a href="https://www.prnewswire.com/news-releases/ftc-solar-announces-its-first-solar-project-in-africa-301417153.html" target="_blank" rel="noopener">awarded</a> a solar project in Africa since entering this new market earlier this year. The project will use FTC Solar&#8217;s latest Voyager+ tracker solution, which offers all the advantages of FTC&#8217;s two-panel-in-portrait design, including industry-leading installation speeds, high slope tolerance, reduced part count, and DC collections advantage, while being optimized for the industry&#8217;s large new format solar modules. The 1MW project has been developed by AAAS Energy in conjunction with BUAN, with the last mile development and EPC works being undertaken by Soventix, South Africa. The power produced will be cheaper and support research and data collection with regards to the agrivoltaic concept. The project is expected to begin generating power in early 2022.
IndianOil will <a href="https://iocl.com/NewsDetails/59295" target="_blank" rel="noopener">install</a> Electric Vehicle (EV) charging facilities at 10,000 fuel stations over the next three years. The proposed EV charging network will facilitate an uninterrupted driving experience for EV users and boost the country&#8217;s EV manufacturing ecosystem. IndianOil has been evaluating emerging trends in mobility, focusing on relevant areas in the EV value chain, and exploring potential business opportunities to stay ahead in the transition curve. IndianOil has 448 EV charging stations and 30 battery swapping stations across the country. IndianOil has collaborated with Tata Power, REIL, PGCIL, NTPC, Fortum, Hyundai, Tech Mahindra, BHEL, and Ola for setting up EV chargers at its fuel stations. Initially, a mix of chargers suited for 2W/3W will be provided, which will be further upgraded as per requirement and market conditions.
The United Arab Emirates and the International Renewable Energy Agency (IRENA) have <a href="https://www.irena.org/newsroom/pressreleases/2021/Nov/UAE-and-IRENA-Launch-USD1-billion-Global-Finance-Platform-to-Accelerate-Renewable-Energy" target="_blank" rel="noopener">announced</a> the Energy Transition Accelerator Financing (ETAF) Platform – a new global climate finance facility to accelerate the transition to renewable energy in developing countries. The UAE committed $400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the platform&#8217;s goal of securing a minimum of $1 billion in total funding. The new UAE-IRENA partnership to establish the ETAF platform builds on the long-term collaboration between IRENA and ADFD, including seven cycles of the $350 million IRENA-ADFD Project Facility. Between 2013 and 2020, the facility financed 26 projects in Asia, Africa, and the Americas, notably small island developing states.
Leeward Renewable Energy has <a href="https://www.leewardenergy.com/leeward-renewable-energy-begins-construction-on-100-megawatt-rabbitbrush-solar-project/" target="_blank" rel="noopener">commenced</a> construction of the 100 MW Rabbitbrush solar project in California, in the U.S. Leeward had previously signed two 15-year power purchase agreements (PPAs) with Central Coast Community Energy (CCCE) and Silicon Valley Clean Energy (SVCE) to supply electricity from the plant. McCarthy Building Companies is the engineering, procurement, and construction contractor on the project in Kern County, including a 20 MW/50 MWh battery. Construction is expected to be completed by the end of July 2022. The facility is estimated to begin operation by the end of August 2022.

Daily News Wrap-Up: ISRO Develops Calculator to Measure Solar Energy Potential

The new Global Energy Alliance for People and Planet (<a href="https://www.globalenergyalliance.org/" target="_blank" rel="noopener">GEAPP</a>) was launched at the <a href="https://ukcop26.org/" target="_blank" rel="noopener">COP26 Summit</a> to accelerate investment in green energy transitions and renewable power solutions in developing and emerging economies worldwide.
Over the next decade, GEAPP aims to unlock $100 billion in public and private capital and tackle three profound human problems simultaneously: power – reaching one billion people with reliable, renewable energy; climate – avoiding and averting four billion tons of carbon emissions; and jobs –creating, enabling, or improving 150 million jobs.
It also invited developing and emerging economies to apply for technical support and funding to advance ecosystems of clean energy projects.
While energy-poor countries are currently responsible for 25% of global CO2 emissions, their share of global emissions could grow to 75% by 2050, according to GEAPP. Yet these countries receive only 13% of clean energy financing, despite representing nearly half of the world’s population.
To change this trajectory and maximize its impact on jobs and livelihoods, GEAPP announced that it would provide more than $10 billion to focus on fossil fuel transitioning, grid-based renewables, and distributed renewables.
Over the last decade, significant breakthroughs in technology have made renewables the cheapest option for new power in more than two-thirds of the world.  For the first time in history, the technology existed to reliably and affordably empower those who lacked access to electricity.
“This, in turn, boosts human development by creating jobs at a massive scale and advances gender equity through increased accessibility, all the while cutting emissions to avert the climate crisis,” GEAPP said.
The cost of solar power, for instance, has <a href="https://mercomindia.com/solar-power-cost-less-decade/" target="_blank" rel="noopener">declined</a> 90% over the past two decades and is likely to go down another 15% to 25% in the upcoming decade, according to <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>.
By 2050, solar and wind will represent 69% of grid-connected power generation, reducing fossil power to 13%, according to Norway-based research group Det Norske Veritas (DNV).
GEAPP partners include anchor philanthropic organizations The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, and African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, International Finance Corporation, UK’s CDC Group, US International Development Finance Corporation, and World Bank as investment partners. The U.K. and Denmark are country partners.
The Alliance also launched a global mobilization campaign with non-governmental organizations and youth activists to advocate for the long-term changes needed to “Change Energy for Good.”

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