French Delegation Meets Union Power Minister To Discuss Global Energy Transition

Union Power Minister RK Singh on Tuesday held a meeting with the French delegation including the Minister of State for Development and International Partnerships, Chrysoula Zacharopoulou.

The meeting focused on strengthening collaboration for the global energy transition, particularly in the field of solar energy, under the framework of the International Solar Alliance (ISA), with India as the President and France as the co-president. 

A significant aspect of the discussion revolved around the need to expedite solar energy projects, particularly in Africa. 

Singh emphasised the importance of assisting economically weaker countries in obtaining green funds for renewable energy initiatives. He stated, "We will have to help such countries who need funds,” underscoring the need to support nations that require assistance in financing sustainable energy projects. 

Both sides acknowledged that nearly half of the African continent lacks access to electricity. Recognising the significance of energy access alongside the energy transition, Singh highlighted the need for the ISA to prioritise initiatives in this direction. 

Considering the limited access to electricity in Africa, the minister emphasised that solar energy presents the most cost-effective and straightforward solution for bringing electricity to the continent. 

During the meeting, the Indian minister stressed the necessity of establishing three essential funds: insurance for renewable energy projects, payment security mechanisms, and debt financing arrangements. He explained that these funds would grow over time through contributions and interest payments. 

Drawing on India's own experience, he mentioned the success of a payment security mechanism fund in attracting investment. The Minister also called for the ISA to establish a de-risking mechanism and tap into additional green funds to promote large-scale solar energy projects in Africa. 

The discussion also acknowledged the remarkable achievements of Kenya in renewable energy. In light of this, the possibility of hosting an ISA conference in Kenya was deliberated.