India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023 10:37 AM

Union Minister for Power and New and Renewable Energy, RK Singh, said that the government is looking into "freak" incidents like the damage to Chungthang dam in Sikkim where early warning systems didn't work. He stated that early warning systems have already been installed to automatically open gates of dams during floods.

Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7. He gave an example of the Bhakra Nangal and Beas dams, which made the green revolution possible in Punjab & Haryana and brought prosperity to these states.

Speaking at the curtain raiser of the sixth Assembly of the International Solar Alliance (ISA), Singh said that the idea to set up a multilateral development bank for solar energy hasn't yet been given up as the alliance wants to de risk investments in solar projects by means of a payment security mechanism apart from insurance.

Singh, who is also serving as the President of the ISA, described the observer status for the body at the United Nations (UN) as a shot in the arm for energy transition while calling for swifter reduction of greenhouse emissions. ISA's Director General, Dr. Ajay Mathur, has described the role of solar energy as "pivotal" in achieving the target of tripling of renewable capacity by 2030, as has been emphasised by the COP 28 Presidency.

Leaders from 116 countries are expected to attend ISA's 6th Assembly in New Delhi from 30th October to 1st November 2023. The Assembly is the apex decision-making body of ISA, in which each member country is represented. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.

The Assembly meets annually at the ministerial level at the ISA’s seat to assess the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost and scale of finance. 109 countries are signatories to the ISA Framework Agreement, of which 90 countries have submitted the necessary instruments of ratification to become full members of the ISA. Currently, India holds the office of the President of the ISA Assembly, with France as the co-president.

ISA's 6th assembly is slated to deliberate on initiatives that impact energy access, security, and transitions with a focus on universalisation of energy access through solar mini-grids, mobilising finance for accelerated solar deployment and diversification of supply chains.

The ISA Secretariat has planned a high-level conference on new technologies for clean energy transition in collaboration with India's Ministry of New & Renewable Energy (MNRE), the Asian Development Bank (ADB) and the International Solar Energy Society (ISES) on November 1, with a focus on issues concerning climate change and solar energy deployment. ISA will also be releasing its three flagship reports providing updates on solar technology, solar market and solar investments.

Also Read:India open to allowing carbon credits transfer to nations that buy green hydrogen from us: RK Singh

(Edited by : Sangam Singh)

First Published:Oct 18, 2023 7:37 PM IST

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2024 - All Rights Reserved