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MNRE to organize ‘Low-Cost Finance for New and Emerging Energy Technologies’ event during G20 3rd ETWG

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The Ministry of New and Renewable Energy (MNRE) will be conducting an event ‘Low-Cost Finance for New and Emerging Energy Technologies’ tomorrow,  the 15th of May 2023, on the side-lines of the 3rd Energy Transition Working Group (ETWG) meeting. The event being held at Jio World Convention Centre, Mumbai, Maharashtra, India, in partnership with the Indian Renewable Energy Development Agency (IREDA), and International Renewable Energy Agency (IRENA) as knowledge partner.

The event is expected to witness the active participation from policy makers, technology developers, international and domestic financial institutions, development banks, industry players, academia and other key stakeholders. The sessions will focus on the estimation of cost-effective financing for energy transition based on the future trajectory of emerging critical technologies – Hydrogen, Offshore Wind, Energy Storage and Carbon Capture Utilisation & Storage (CCUS).

The report “Low-Cost Finance for Energy Transition” prepared by IRENA in collaboration with the MNRE under G20’s India Presidency, was also be unveiled at the G20 ETWG side event. The report provides a comprehensive toolbox to increase the availability of low-cost capital in G20 countries and beyond.

The opening plenary will see the presence of Mr. Bhupinder Singh Bhalla, Secretary, Ministry of New and Renewable Energy, Mr. Alok Kumar, ETWG Chair & Secretary, Ministry of Power, Ms. Abha Shukla, Principal Secretary Energy, Government of Maharashtra, Mr. Pradip Kumar Das, Chairman & Managing Director, IREDA, and Ms. Gauri Singh, Deputy Director-General, IRENA.

The side event will feature two panel discussions – first session on the outlook of new and emerging energy technologies and the second session will discuss the role of international financial institutions and development banks in mobilizing investments.

The development and deployment of these emerging critical technologies will require extensive research and development, creation of demand markets, reliability of the regulatory landscape and long-term commitments to attract investment on a sustainable basis.

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