Climate Policy Initiative and Power Foundation Sign Memorandum of Understanding to work together on supporting and building institutional capacities for India’s Energy Transition along a Just and Sustainable economic growth path – EQ Mag
As per updated nationally determined contributions (NDC), reflecting India’s roadmap for a low greenhouse gas emission and climate resilient development pathway, the country has an enhanced target to reduce emissions intensity of its GDP by 45% by 2030 from 2005 levels, and achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
CPI’s Landscape of Climate Finance states climate finance flows are nowhere near estimated needs, conservatively estimated at USD 4.5 – 5 trillion annually. To achieve the transition to a sustainable, net zero emissions, and resilient world this decade, climate investment must increase drastically.
Quoting Amitabh Kant, G20 Sherpa – “India might be the first country to industrialise without carbonising the world. India’s targets can be achieved much before the 2030 timeline if all stakeholders work together in this direction.”
New Delhi : Climate Policy Initiative (CPI) and Power Foundation (PF) today signed a Memorandum of Understanding (MOU) to collaborate and develop partnerships in the field of sustainable development of the Indian power sector.
Under this MOU, Power Foundation will build on CPI’s deep expertise in climate finance and policy. CPI will support Power Foundation’s research endeavours to support India’s transition to a sustainable energy future, help further renewable energy, and push for directing international climate finance into the country. CPI will provide support for training and capacity-building exercises. The MOU provides an overarching framework for collaboration between the parties.
The MoU was signed in the presence of Shri Sanjiv Nandan Sahai, Director General of Power Foundation.
Proposed areas of collaboration include deployment of distributed renewable energy (roof-top solar and off-grid solar), convening relevant stakeholders, and providing necessary logistic support for training and capacity building efforts.
At the signing ceremony, Dr. Dhruba Purkayastha, Director of CPI India, said, “At Climate Policy Initiative, our aim is to support central and state governments towards transitioning to a sustainable energy future in India. We look forward to CPI contributing significantly to Power Foundation’s efforts to support India’s initiatives directed towards meeting its NDC targets along the Low Carbon Development Strategy submitted to UNFCCC. Our area of focus will include research and analysis, capacity building exercises, stakeholder engagements, and supporting distributed renewable energy deployment.”
Dr. Sambit Basu, Director (Programs) & Chief Energy Economist of Power Foundation, added, “We are delighted to collaborate with Climate Policy Initiative India Private Limited in our mission to promote sustainable energy solutions in India. This collaboration will enable us to leverage CPI’s on-the-ground experience in renewable energy and climate finance and expand our capabilities to address the challenges of the power sector transformation in a more effective and efficient manner. We are excited to work with CPI and look forward to a fruitful partnership.”
The MOU signed between CPI and Power Foundation reinforces each organization’s commitment to a sustainable energy future in India.
About Climate Policy Initiative India Private Limited
Climate Policy Initiative is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to support governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States. CPI India Private Limited has been working to support India in fulfilling its global climate change commitments though: clean energy market catalysing initiatives, such as the US India Clean Energy Finance (USICEF), India Clean Energy Finance 2.0 (ICEF 2.0), Productive Use of Renewable Energy (PURE), India Distributed Solar Finance initiative (IDSF), the Global Innovation Lab for Climate Finance (India Chapter); capacity building initiatives, such as the Center for Sustainable Finance (CSF)]; and research and analysis into transitioning into a sustainable energy future, such as Futureproofing Strategy for PSUs, and Just Energy Transition.
About Power Foundation
Power Foundation is a society registered under Societies Registration Act, 1860, under aegis of Ministry of Power. The Foundation aims to be a credible think-tank and a leading policy advocacy body in the power sector and undertake pioneering efforts in commissioning independent and evidence-based studies in power sector.