Pune Media
Leading the news curation and publishing for the people of Pune

India joins global BESS consortium at COP28, aims for 5 GW by 2024

In a significant development at the 2023 United Nations Climate Change Conference (COP28), India has officially become a member of the Battery Energy Storage Systems (BESS) consortium, an ambitious initiative launched by the Global Leadership Council of the Global Energy Alliance for People and Planet (GEAPP). India’s entry into the consortium marks a pioneering step towards sustainable energy solutions.

India, known for its commitment to addressing climate change, has emerged as a frontrunner among nations participating in this joint initiative. The primary objective of the consortium is to achieve a combined commitment of 5 GW of Battery Energy Storage Systems by the end of 2024. This commitment aligns with India’s ambitious renewable energy goals and its determination to reduce carbon emissions.

In addition to India’s participation, GEAPP has unveiled plans to expand its BESS projects in the country. By 2026, GEAPP aims to reach a 1 GW BESS target for distribution companies in India. The first BESS project, with a capacity of 20 MW/40 MWh, was recently awarded to IndiGrid in Delhi. GEAPP is set to offer subsidized debt financing covering 70 percent of the overall capital investment, while also providing crucial technical assistance to ensure the success of the project.

What sets this initiative apart is its innovative approach to tackling the challenges faced by similar projects worldwide, including high costs and regulatory hurdles. GEAPP remains committed to collaborating with distribution companies (discoms) in India, implementing an expansion strategy to achieve a 200 MW target, with continued technical support and subsidized funding.

Notably, the BESS Consortium has garnered support from a range of resource partners, including the African Development Bank, the World Bank, Asian Development Bank, Inter-American Development Bank, Agence Française de Développement, German Agency for International Cooperation, RMI, Africa50, Masdar, Infinity Power, COP28 Presidency, AMEA Power, National Renewable Energy Laboratory, Net Zero World, and Sustainable Energy for All. These partners are providing valuable support to the consortium’s pioneering nations, including Barbados, Belize, Egypt, Ghana, Kenya, Malawi, Mauritania, Mozambique, Nigeria, Indonesia, and Togo.

Furthermore, there is growing anticipation of additional partners and countries joining this collaborative effort to accelerate the adoption of Battery Energy Storage Systems, a critical component in the global transition to sustainable and clean energy sources.

“Exciting news! Elets eGov is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!” Click here!



Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.

Aggregated From –
Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More