Merkel Pledges 1 Billion Euros to Fund Indian Solar Projects

Discussion in 'Economy & Infrastructure' started by Dark Sorrow, Oct 6, 2015.

  1. Dark Sorrow

    Dark Sorrow Respected Member Senior Member

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    Germany pledged an investment of over 1 billion euros ($1.1 billion) in Indian solar power projects as Asia’s third-largest economy looks to reduce its dependence on fossil fuels.

    That’s in addition to more than 1 billion euros for a green-corridor project in India, Prime Minister Narendra Modi said at a joint briefing with Chancellor Angela Merkel in New Delhi on Monday. Modi’s government estimates India needs at least $2.5 trillion by 2030 to cap pollution.

    "This is an area where we have convergence of views and rapidly growing cooperation," Modi said. "We look forward to a concrete outcome at COP21 in Paris that strengthens the commitment and ability of the world, especially of poor and vulnerable countries to transition to a more sustainable growth path."

    In a meeting between the two leaders later Monday, Modi asked Merkel to help overturn European Union bans on 700 GVK Biosciences generic drugs.

    The two leaders also indicated a desire to revive India-EU free-trade-area talks.

    The pair also expressed concern about the renewed violence in Afghanistan, with the Taliban looking to regain control as foreign forces leave. Kunduz province, the scene of fierce fighting in recent days, was primarily the domain of German troops during the NATO mission that ended last year. While India doesn’t have soldiers in Afghanistan, it has helped in rebuilding roads and, most notably, the new parliament building.

    "You’ve mentioned our engagement in Afghanistan, where at the moment we have a lot of concern," Merkel said in the joint briefing, addressing Modi. "We want to work together so that Afghanistan’s peaceful development continues, even if we have setbacks."
     
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  3. Dark Sorrow

    Dark Sorrow Respected Member Senior Member

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    Giving a thrust on clean energy, Germany today pledged about one billion euros (Rs 7,300 crore) assistance for India's solar projects as part of the bilateral cooperation in energy sector.

    The joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said both the countries will continue to intensify their cooperation in developing climate-friendly and sustainable solutions for India's expanding energy needs.

    The implementation of Green Energy Corridors Partnership, with an overall German commitment of 1.15 billion euros in the last two years, is progressing well, it said.

    "Both countries welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years," the statement said.

    India and Germany recognise that renewable energy and the efficient use of energy are most effective approaches to mitigate greenhouse gas emissions in both the countries, it added.

    It further said that Germany welcomes India's intention to transform its energy sector by increasing the share of renewable energy, particularly solar, in electricity generation, consistent with its goal of 175 gigawatts of renewable energy by 2022.

    The two sides expressed their readiness to work together to reach an ambitious and universal climate agreement under the Convention, it said.

    "They reaffirm that the protocol, another legal instrument or agreed outcome with legal force under the Convention applicable to all parties shall address in a balanced manner, inter alia, mitigation, adaptation, finance, technology development and transfer, and capacity-building, and transparency of action and support," the statement said.

    India and Germany also recognise that science, technology and innovation play a crucial role for the development of affordable, accessible and adaptable solutions in the areas of low carbon development and renewable energy generation, it added.

    The statement further said that the Indo-German Climate and Renewables Alliance shall intensify cooperation on climate and energy technology issues, including within the already existing fora established for this purpose.

    "It shall foster stronger integration of all actors concerned with bilateral cooperation on climate and energy technology issues, and for this purpose will encompass progressive public and private sector entities from both countries," it added.

    Both countries, it said, will intensify their ongoing cooperation on climate and renewables technology under the new Indo-German Climate and Renewables Alliance, including on next generation solar technology, renewable energy storage, super-efficient appliances and buildings, energy-efficient rail and water infrastructure and off shore wind.

    Both countries affirm that several already established bilateral dialogue structures, such as the Indo-German Energy Forum and the Indo-German High-Technology Partnership Group are already doing important work for the transition to low-carbon economies.

    http://www.business-standard.com/ar...or-india-s-solar-projects-115100500939_1.html
     
  4. Dark Sorrow

    Dark Sorrow Respected Member Senior Member

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    German chancellor Angela Merkel meets Indian Prime Minister Narendra Modi to discuss development of clean energy corridor, with investment in solar power chief on the agenda.


    Germany will provide more than €1.5 billion ($1.68 billion) in funding to help India maintain its solar PV development progress following a fruitful meeting on Monday between the leaders of the two nations.

    Angela Merkel, the German chancellor, met the Indian Prime Minister Narendra Modi in New Delhi on Monday to discuss closer collaboration between the two nations at an Inter-Governmental Consultations gathering.

    The first tranche of funds released by Germany will be €300 million, with a total of €1 billion ($1.12 billion) invested in India’s solar industry within five years, confirmed the German economics ministry. India will also match this level of investment, the ministry said.

    Clean energy development was a key topic on the agenda, with Modi labeling Germany a "natural partner" during India’s current economic growth and clean energy revolution.

    Modi said: "I admire German leadership for clean energy and commitment to climate change. This is an area where we have convergence of view."

    Speaking at a joint press conference, Modi also confirmed that India has set a renewable energy target of 40% by 2030, with solar set to play a leading role in this energy transition.

    India is the last leading industrial nation to confirm its energy objectives ahead of the climate change talks in Paris in December, but the ambitious goal – as reported last week by pv magazine – has been well received.

    "Though India is not part of the problem, it wants to be part of the solution," said India’s environment minister Prakash Javadekar in a speech at the Major Economies Forum. "Our historical cumulative emission as of today is below 3%. Narendra Modi has also made a strong pitch for a positive agenda to tackle climate change and appealed that ‘the current climate of negativism’ is not a useful factor as we approach COP21 in Paris."

    "The developed world must take moral responsibility for the state of the world today," the minister also added.


    Read more: http://www.pv-magazine.com/news/det...ias-solar-transition_100021392/#ixzz3nl43vxuV
     
  5. Dark Sorrow

    Dark Sorrow Respected Member Senior Member

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    I want to hear from Pseudo-economist who go on chest thumping on nuclear energy and saying how useless solar power generation is.
     
  6. sob

    sob Moderator Moderator

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    solar has it's limitations and beyond a certain point with the present technology should be limited.

    The only reason why GOI is pushing it is that it makes our case easier in the climate summit.

    Japanese went overboard on Solar added nearly 5 GW in a year and the result was that the grid was not designed for it and the Private Distribution companies refused to buy this expensive power.
     
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  7. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Germany is the stupidest country to have put solar panels in Germany, where there is no sunlight for half the year!!

    Ofcourse, they did it using tax payers money so no one had a reason to complain. I am glad they are spending some of that in India now, at least it would be some what useful.
     
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  8. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    Wont the German companies be looking to take back their investment with profits? Which company in their right mind would buy power from them?
     
  9. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    We will know who the moron is when we see the results of such investment dear :D
     
  10. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    It says concessional loans for 5 years. I don't know if it means free money.
     
  11. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    Hmm. Interesting. Anyway, I dont worry about it so long as tax money is not being wasted ....
     
  12. Rowdy

    Rowdy Co ja kurwa czytam! Senior Member

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    Better get free monies @ CoP21


    Hope we do not lose investments due to Beef ban
     
  13. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    :biggrin2:West has no problem investing in China with exemplary Human rights records. I dont think it will be any different in India. Only $$$ speaks .
     
  14. hit&run

    hit&run Elite Member Elite Member

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    And its Indian channel. These are same bastard who reduced India on every non issue to be laugh of the world.

    I was watching randi tv's Vishnu Som, when Modi was visiting US, He asked American commentator after he made a neutral point on Pakistan. So you think Modi's policy on Pakistan is flawed, he repeated the same again. But then the commentator was sane and seasoned enough unlike Indian bait eaters to fell in trap, gave him answer with different perspective that Vishnu Som couldn't comprehend. I changed the channel after that.
     
  15. pmaitra

    pmaitra Moderator Moderator

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    It is a loan - a concessional loan.

    What does "concessional" mean here? Interest free? Low interest? Is India obligated to use German made solar equipment? In that case, this is self serving act by Germany.

    I hope people won't tout this as aid.
     
  16. Screambowl

    Screambowl Senior Member Senior Member

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    Good move ... now the solar cells produced here have good efficiency close to 45% ..
     
  17. Dark Sorrow

    Dark Sorrow Respected Member Senior Member

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    Isn't Modi the biggest proponent of Solar energy????:rotfl::rotfl:
     
  18. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    So what? Not every policy of Modi is appreciated here.
     
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