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Banks’ refusal to fund hits solar scheme for farmers

Centre’s Kusum scheme aimed at helping farmers with extra income from their barren and semi-fertile land through solar projects is facing hurdles from banks who are reluctant to finance the units.

Out of the 170 farmers who have signed agreements with discoms to set up solar plants, only around 15 have started working on the projects and the rest are delaying it as they are unable to tie-up bank funding.

A senior official at Rajasthan Renewable Energy Corporation Ltd (RRECL) said banks have developed cold feet to finance the projects because of two reasons.

First, he... Read more..

Date : Apr 14
Source: Energy Infrapost

Gujarat Successfully Runs Coal Project at 40% Capacity to Support Renewable Integration

The Gujarat State Electricity Corporation Limited (GSECL) has successfully managed to operate its 500 MW Ukai unit under its coal-based power project at 40% of its capacity during a recently conducted low load test run.

This is the first time the state power corporation has been able to run its unit at the lowest possible load points while still maintaining all the other operating parameters under stable conditions and without any supplementary oil firing support.

With United States Agency for International Development’s help, this move is now the state’s first successful... Read more..

Date : Apr 14
Source: MNRE Gov

‘Subsidy for e-vehicles in 2 months’

PONDA: Power minister Nilesh Cabral on Tuesday said that the subsidy scheme that the government would roll out in 2 months time for purchase of electric vehicles will be opened to government employees too.

While the government will give a 20 per cent subsidy, the bike or car company will share another 20 per cent subsidy and the 15 percent value would be of the existing vehicle even if scrapped, he said at a function in Ponda on Tuesday.

Date : Apr 14
Source: Times of India

China and EU to Collaborate on Green Investment Standards

The People’s Bank of China announced a collaboration with the European Union to adopt a common taxonomy for green investments.

On 21 March 2021, the People’s Bank of China (PBC) announced that China is working with the European Union to adopt a common green taxonomy across the two markets later this year. PBC Governor Yi Gang, speaking at the China Development Forum, said strengthening the nation’s green finance system was the central bank’s priority for the next five years.[1] He emphasised that, in order for China to meet its 30/60 goal of peaking carbon emissions by 2030 and... Read more..

Date : Apr 14
Source: Lexology

BlackRock and Temasek Launch Decarbonization-Focused Private Fund Partnership

SINGAPORE & NEW YORK--(BUSINESS WIRE)--Temasek and BlackRock, Inc. (NYSE:BLK) today announced that they have agreed to establish a partnership called Decarbonization Partners. The partnership will launch a series of late stage venture capital and early growth private equity investment funds that will focus on advancing decarbonization solutions to accelerate global efforts to achieve a net zero economy by 2050.

BlackRock and Temasek intend to commit a combined US$600 million in initial capital to invest in multiple funds launched by the partnership. The funds will also raise... Read more..

Date : Apr 14
Source: Business Wire

India-Denmark join hands through Atal Innovation Mission for global collaboration towards world class innovative solutions addressing water challenges & SDGs

As part of Indo-Danish bilateral Green strategic partnership, India is all set to take a giant leap towards building a world class innovation ecosystem as Atal Innovation Mission (AIM) of India’s premier policy think tank NITI Aayog and Embassy of Denmark to India today officially announced their collaboration.

Under this ambitious partnership,Innovation Center Denmark in India will collaborate with AIM to support various current and future initiatives of AIM, NITI Aayog and its beneficiaries in India as well as develop global innovation Green economy partnerships addressing SDG... Read more..

Date : Apr 13
Source: PIB

Launch of India Energy Dashboards (Version 2.0) by NITI Aayog

The India Energy Dashboards Version 2.0 was launched by Dr Rajiv Kumar (Vice Chairman, NITI Aayog), Dr V K Saraswat (Member, NITI Aayog), Shri Amitabh Kant (CEO, NITI Aayog) and Dr Rakesh Sarwal (Additional Secretary, NITI Aayog). Secretaries from Ministry of Coal, Ministry of Power, Ministry of Petroleum and Natural Gas, and Ministry of New and Renewable Energy attended the launch event.

India Energy Dashboards (IED) is an endeavour to provide single-window access to the energy data for the country. Energy data published/provided by Central Electricity Authority, Coal

... Read more..

Date : Apr 13
Source: PIB

India denounces attempts to link climate issues to economic recovery amid pandemic

India has denounced attempts to link climate issues to economic recovery amid the coronavirus pandemic at the forthcoming G20 talks, saying it will impose a huge developmental cost on developing countries. The US administration has been pushing for a strong climate agenda as part of the process of recovery from the pandemic. Senior government officials feel that imposing “green” conditionalities on trade, investment, financing for development, etc. amid the “worst economic impact of a lifetime would be adding insult to injury as far as poor and developing countries are concerned”.

... Read more..

Date : Apr 13
Source: Financial Express

India to get an integrated day-ahead energy market for electricity, renewable energy by August

India has decided to have a unique integrated day-ahead market for conventional electricity and renewable energy as a major boost to green plants that will have two options to sell their power.

Integration of the existing day-ahead market for conventional power with renewable energy would mean there will be a two-stage day-ahead market with separate price formation for green energy, a top government official said.

“In the first stage, exclusive trade in renewable energy will take place. In the second stage, unsold renewable energy, if opted by the generator in his initial bid... Read more..

Date : Apr 13
Source: Energy Infrapost

SEC Identifies Potentially Misleading Claims by Funds Regarding ESG Investing Practices

Investor demand for investment products and financial services that incorporate environmental,
social, and governance (“ESG”)1 factors has increased in recent years. In response to this
demand, a range of investment advisers have offered several ESG investment options, including
registered investment companies and pooled investment vehicles, e.g., private funds
(collectively, “funds”), and separately managed accounts. Today we are issuing this Risk Alert
to highlight observations from recent exams of investment advisers, registered investment
companies,... Read more..

Date : Apr 13
Source: SEC Gov

Rajasthan: Partial relief on cards for rooftop solar projects in Raj

In a partial relief to the rooftop solar industry, the Union power ministry on Friday proposed to allow net metering benefits to projects having loads up to 500kw.

In the December Electricity (Rights of Consumers) Rules, 2020, it had restricted the net metering benefits to projects with load of 10kw which invited an avalanche of representations from the industry for a review.

Following the Union Ministry of Power (MoP) guidelines issued earlier, Rajasthan Electricity Regulatory Commission (RERC) had also capped the net metering to projects upto 10kw which triggered widespread... Read more..

Date : Apr 12
Source: Energy Infrapost

IFC proposes $50mn debt finance for Thar Surya solar power project

Chennai: International Finance Corporation (IFC) plans to debt finance the construction of Thar Surya 1 Pvt Ltd's 300 MW solar power project in Bikaner, Rajasthan by $50 million.

Apart from lending $50 million, IFC will also mobilise $100 million debt through parallel lenders.

According to IFC, the total solar power project cost is estimated at $200 million.

The solar power project is sponsored by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power S.p.A., an existing IFC client.

Enel Green Power is one of the largest renewable energy... Read more..

Date : Apr 12
Source: Economics Times

Delhi government to organise conference on reducing air pollution: Envt minister

Delhi Environment Minister Gopal Rai Sunday announced the city government will hold a digital round-table conference on April 12-13 to address the issue of air pollution in the national capital.

The minister said in a statement that theme of the conference will be "Measures to be taken to reduce air pollution in Delhi before winter 2021".

"The work that our government has done in the last six years to fix the environment and improve the environmental condition has made a positive beginning in reducing Delhi's pollution, but it is not enough. Therefore, to fix the air quality... Read more..

Date : Apr 12
Source: Live Mint

Shakti Pumps plans expansion, pins hopes on PM-KUSUM scheme

Under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), launched in February 2019, both Centre and states provide subsidy to farmers for installation of solar pumps. It is being implemented through tendering in phases.

Speaking to PTI, Shakti Pumps Chairman and Managing Director Dinesh Patidar said: “The scheme has great potential as diesel pumps are unviable for farmers and electric pumps have limitations. We expect to supply more pumps under the scheme. We are looking at expanding our capacity next year.”

The investment will be made on working... Read more..

Date : Apr 12
Source: EQMAGPRO

IMF, World Bank begin push to swap debt relief for green projects

Washington: The idea of forgiving debt held by poor countries in exchange for "green" investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall.

Low-income countries face a double crisis -- they are under pressure to pay down their debt while also confronting environmental problems.

That makes them "highly, highly vulnerable," Kristalina Georgieva, managing director of the International Monetary Fund, said this week, adding that it thus "makes sense" for the world to... Read more..

Date : Apr 12
Source: Economics Times

BlackRock secures largest-ever ETF launch as green investing wave builds

Institutional investors have put $1.25bn into a new US fund aimed at identifying the winners of the transition to a low-carbon world, making it the largest exchange traded fund launch ever and underscoring the surging demand for ESG products.

The BlackRock US Carbon Transition Readiness fund began trading on Thursday, eclipsing the previous largest ETF listing, the iShares ESG MSCI USA Leaders fund, which debuted with $850m in May 2019.

A sister fund that invests in non-US companies also launched on Thursday after attracting $475m from investors, also one of the largest new... Read more..

Date : Apr 12
Source: FT

BlackRock Must Hit ESG Targets or Pay More to Borrow Money

Investment giant BlackRock Inc. will need to hit its staff-diversity targets and other sustainable-business goals to keep its corporate borrowing costs down.

The firm struck a financing deal with a group of banks that links its lending costs for a $4.4 billion credit facility to its ability to achieve certain goals, like meeting targets for women in senior leadership and Black and Latino employees in its workforce.

The firm plans to boost the share of Black and Latino people in its U.S. workforce 30% by 2024, a spokesman said. It aims to increase the share of women in its... Read more..

Date : Apr 12
Source: WSJ

MNRE invites EoIs for installation of innovative solar pumps

Ministry of New and Renewable Energy (MNRE) has issued Guidelines for promoting innovative solar pumps vide OM of even number dated 22.06.2020. These guidelines are applicable for all Indian innovators/manufacturers/service providers, who wish to include innovative stand-alone solar pumps technologies/models under Schemes operated by the MNRE. MNRE hereby invites innovators/manufacturers/service providers to submit expression of interest to participate in the above-mentioned scheme for promotion of innovative solar pump technologies. Background MNRE had issued updated specifications for... Read more..

Date : Apr 9
Source: MNRE

RERC to change rooftop solar power guidelines if central govt does

Jaipur: Rajasthan Electricity Regulatory Commission (RERC) on Thursday said that the new net metering norms for rooftop will be effective from July 1, 2021. But it said that the rules will change if the Centre amends them. The Ministry of Power in its Electricity (Rights to Consumers) Rules, 2020 had said that load capacity of above 10 kilowatt will not be considered for net metering putting at risk majority of the rooftop projects. RERC had also used the norms to deny net metering benefits to projects above 10kw by putting them under gross billing or metering category. Under the gross... Read more..

Date : Apr 9
Source: Energy World

ReNew Power commits to achieving net-zero carbon emissions by 2050

ReNew Power ("ReNew" or "the Company"), India's leading renewable energy company, today announced its commitment to achieving net-zero greenhouse gas emissions by 2050. With this commitment, ReNew Power aims to help address the global climate crisis and lead the way in the world's transition to a low carbon economy. ReNew's pledge aligns with the 'Race To Zero' campaign - the largest ever global alliance committed to achieving net zero carbon emissions. At the same time, ReNew Power stands committed to its long-standing program of research and collaboration with businesses, policy makers... Read more..

Date : Apr 9
Source: PR Newswire

India announcing net-zero target not 'absolute requirement': US special envoy Kerry

US Special Presidential Envoy for Climate John Kerry on Thursday said it will be great if India announces a net-zero emission target but "that's not an absolute requirement" as the country is doing all the things that it needs to do. He said with the implementation of India's plan of 450 gigawatts of renewables by 2030, it will be one of the few nations helping "keep 1.5 degrees alive" (meeting the goal of limiting the rise in global temperatures to 1.5 degrees Celsius). Asked if it is practical to expect India to announce a net-zero target, Kerry said, "Do I think it could be? Yes... but... Read more..

Date : Apr 9
Source: Deccan Herald

JERC turns down UT’s plea on implementing Resco model for solar power plants

CHANDIGARH: The Joint Electricity Regulatory Commission (JERC) has turned down the UT administration’s plea of implementing the Renewable Energy Service Company (RESCO) model for solar plants installation in the city. After JERC’s decision, the UT administration has now decided to file a review petition before the power regulatory body. The Chandigarh Renewable Energy and Science and Technology Promotion Society (Crest) had moved JERC for implementing RESCO model in the city. Crest, project’s nodal agency, had proposed this model after approval of UT administrator V P Singh Badnore as... Read more..

Date : Apr 9
Source: Energy World

Tata Power DDL introduces Narrow-Band IoT technology in smart meters

Tata Power Delhi Distribution (Tata Power-DDL), which supplies electricity to north Delhi, has launched Narrow Band-Internet of Things (NB-IoT) for smart meters installed in its service area. NB-IoT is a low-power, wide-area network radio technology standard developed by 3GPP, a standards organisation, to enable a wide range of cellular devices and services. Smart meters require a two-way communication network, control centre equipment, and software applications for near real-time gathering and transfer of energy usage information. “After successfully installing 2.3 Lakh smart meters on RF... Read more..

Date : Apr 9
Source: Livemint

Bank of America Increases Environmental Business Initiative Target to $1 Trillion by 2030

Bank of America today announced a goal of deploying and mobilizing $1 trillion by 2030 in its Environmental Business Initiative in order to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader $1.5 trillion sustainable finance goal by both environmental transition and social inclusive development purposes, spanning business activities across the globe. “The private sector is well-positioned to ensure that the capital needed – at the scale it is needed – can drive the transition to a low-carbon, sustainable economy,” said Bank of America Vice... Read more..

Date : Apr 9
Source: Bank Of America

BlackRock Raises $4.8 Billion to Invest in Renewable Power

BlackRock Inc. has raised $4.8 billion for a new fund to invest in renewable power assets around the world - almost double its initial target. The company’s real assets division closed on its third global renewable power fund, drawing money from over 100 institutional investors. It’s the latest sign of increasing interest from investors to buy into the surging green power sector. “You’re seeing a major shift in institutional interest in decarbonization and wanting to allocate into it,” said Jim Barry, chief investment officer of BlackRock Alternatives Investors. “The pandemic has only... Read more..

Date : Apr 9
Source: Bloomberg
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