Annual clean energy investments will need to more than triple from $770 bn: Report

Paris, June 21 (IANS) Annual clean energy investments in emerging and developing economies will need to more than triple from $770 billion in 2022 to as much as $2.8 trillion by the early 2030s to meet rising energy needs and align with the climate goals set out in the Paris Agreement, a new report released by the International Energy Agency (IEA) and International Finance Corporation (IFC) said on Wednesday.

The report, Scaling Up Private Finance for Clean Energy in Emerging and Developing Economies, shows that public investments alone would be insufficient to deliver universal access to energy and tackle climate change.

Increased public funding can be used most effectively in partnership with private sector capital to reduce project risks -- a concept known broadly as blended finance.

According to the report, twothirds of the finance for clean energy projects in emerging and developing economies (outside China) will need to come from the private sector.

Today's $135 billion in annual private financing for clean energy in these economies will need to rise to as much as $1.1 trillion a year within the next decade. "Today's energy world is moving fast, but there is a major risk of many countries around the world being left behind. Investment is the key to ensuring they can benefit from the new global energy economy that is emerging rapidly," said IEA Executive Director Fatih Birol.

"The investment needs go well beyond the capacity of public financing alone, making it urgent to rapidly scale up much greater private financing for clean energy projects in emerging and developing economies. As this report shows, this offers many advantages and opportunities, including expanded energy access, job creation, growing industries, improved energy security and a sustainable future for all."

The report emphasizes the need for greater international technical, regulatory and financial support to unlock the potential for clean energy in emerging and developing economies (EMDEs).

By strengthening regulatory frameworks, energy institutions and infrastructure, and improving access to finance, this support can help governments overcome obstacles that deter clean energy investments today, including relatively high upfront costs and a high cost of capital.

"The battle against climate change will be won in emerging and developing economies where the potential for clean energy is strong but the level of investments is far below where it should be. To address the pressing energy demands and emissions reduction goals in EMDEs, we need to mobilize private capital at speed and scale and urgently develop more investable projects," said IFC Managing Director Makhtar Diop.

"This report is a call to action and offers a clear roadmap on what is needed to meet both climate and energy goals."

The report also identifies the importance of concessional financing for projects that involve newer technologies that have yet to scale and are not yet costcompetitive in many markets, such as battery storage, offshore wind, renewable-powered desalination or low-emissions hydrogen, or that are in riskier markets.

The report estimates that $80$100 billion of concessional finance will be needed annually by the early 2030s to attract private investment at the scale required for the energy transition in emerging and developing economies outside China. Another finding highlights the potential for issuing more green, social, sustainable and sustainability-linked bonds -provided that industry guidelines, harmonized taxonomies and robust third-party certification are developed.

It details the opportunity in platforms that aggregate and securitize many investments, which could overcome the asymmetry between the relatively small size of energy transition projects in emerging and developing economies and the relatively large minimum investment size that major institutional investors require.

London, June 20 (IANS) Two UK researchers, who are alumni of the Indian Institute of Technology (IIT), have developed a new method to transform carbon dioxide (CO2) captured from industrial processes -- or even directly from the air -- to clean, sustainable fuels, using just the energy from the sun. The researchers currently working at the Department of Chemistry in the University of Cambridge, UK, developed a solar-powered reactor that converts captured CO2 and plastic waste into sustainable fuels and other valuable chemical products.

In tests, CO2 was converted into syngas -- a key building block for sustainable liquid fuels --, and plastic bottles were converted into glycolic acid, which is widely used in the cosmetics industry. Although improvements are needed before this technology can be used at an industrial scale, the study, reported in the journal Joule, represents another important step toward the production of clean fuels to power the economy, without the need for environmentally destructive oil and gas extraction.

"This solar-powered system takes two harmful waste products -- plastic and carbon emissions -- and converts them into something truly useful," said Dr. Sayan Kar, an alumnus of IIT Kanpur.

"The fact that we can effectively take CO2 from air and make something useful from it is special. It's satisfying to see that we can actually do it using only sunlight," Kar said.

The researchers adapted their solar-driven technology so that it works with flue gas or directly from the air, converting CO2 and plastics into fuel and chemicals using only the power of the sun.

Govt provides Rs 66,413 crore

12 States For Power Sector Reforms

period from 2021-22 to 2024-25. This additional financial window is dependent on implementation of specific reforms in the power sector by the states.

Bengaluru, June 19 (IANS) A total of 1,61,958 consumers have registered for the Gruha Jyothi scheme under which 200 units of power will be given for free in two days, the Energy Department said on Monday.

to 1,06,958 on Monday. The registration process was hassle free at Karnataka One, Grama One, and Bengaluru One counters. Registration for the scheme is done on the Seva Sindhu portal (https:// sevasindhugs.karnataka.gov.in).

New Delhi, June 28 (IANS)

Government has given financial incentives to states to accelerate power sector reforms, under which 12 states have received Rs 66,413 crore during the past two fiscals, while for the current fiscal, Rs 1,43,332 crore have been given to them for the purpose. The finance ministry has been providing financial incentives in the form of additional borrowing permissions.

This move aims to encourage and support the states in undertaking reforms to enhance the efficiency and performance of the power sector.

The initiative was announced by finance minister Nirmala Sitharaman in her budget speech for 2021-22.

Under this, an additional borrowing space of up to 0.5 per cent of the gross state domestic product (GSDP) is available to states annually for a four-year

The initiative has spurred state governments to initiate the reform process, and several states have come forward and submitted details of the reforms undertaken and achievements of various parameters to the power ministry. Based on the recommendations of the power ministry, the finance ministry granted permission for reforms undertaken in 2021-22 and 2022-23 to 12 state governments.

These are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Odisha, Rajasthan, Sikkim, Uttar Pradesh and West Bengal.

In 2023-24, states can continue to avail themselves of the facility of additional borrowing linked to power sector reforms.

Compared to Sunday, the scheme saw an enthusiastic response and doubled the registration

Steel,

New Delhi, June 28 (IANS) Jindal Steel and Power Ltd (JSPL), Hindalco, NTPC Mining, and NLC India Ltd are among the major entities which have submitted bids for blocks on offer for commercial coal mines.

JSPL and NLC have submitted three bids each, while NTPC Mining and Hindalco have submitted two bids each.

The auction process of 103 coal and lignite mines for sale of coal was launched by the Coal Ministry among in March this year.

The E-governance Department has made the registration process very simple. The consumer has to enter the customer ID of the electricity bill, their Aadhaar number, and mobile number. "There is no deadline fixed for the registration process. Therefore, there is no need for the consumers to panic," an official said.

A total of 34 bids were received for 17 coal mines under two tranches of commercial coal mine auctions.

The last date for submission of technical bids for all the coal mines was June 27.

As part of the auction process, technical bids comprising of online and offline bid documents were opened today. As many as 22 companies had submitted their bids.