POLICY BRIEF: Making renewable energy markets work
This is part of a series of policy briefs by the British High Commission, New Delhi, on the work of the India-UK partnership on energy and green growth. You can access the other policy briefs here.
Renewable energy is key to mitigating emissions and supporting green growth. In 2015, India enhanced its renewable energy target to 175GW by 2022 supported by a concrete and comprehensive roadmap of policy and regulatory reforms, market-support, detailing technology need and bilateral and global cooperation. The emphasis is now on achieving this target through market creation to develop a vibrant renewable energy business climate.
The India – UK bilateral relationship has focused on renewable energy for the past decade, starting from building sub-national capacity among state legislators, to deployment of off-grid solutions and developing risk guarantee frameworks – to enhance private investment, and the development of Indian offshore wind market. The cooperation includes the development of large-scale solar parks and sub-national clean energy fund deployment. This brief sets out the range of partnerships that have delivered projects and learning in India to create sustainable energy access.
- Joint investments on solar energy R&D are being made to harness Indo-UK science and technology expertise for a better future.
- India’s offshore wind power policy is expected to open new frontier for renewable energy markets with the first bidding round coming up by 2018
- Awareness building among decision makers and lenders on de-risking across the renewable value chain is key to opening more markets.
- Monitoring, reflecting and sharing of results achieved and lessons learned is key to scaling-up green energy opportunities
Picture: Asian Development Bank