India, UK to launch global solar grid project at COP26
Courtesy: Economicstimes
India, UK to launch global solar grid project at COP26
Synopsis
India and the U. K. will launch a project that aims to create a solar grid connecting countries in different parts of the world at the upcoming U. N. climate talks in Glasgow, Scotland. The project, known as the “Green Grids Initiative,” is being …
Although solar energy is becoming cheaper than dirtier alternatives, countries cannot rely on it at night and must fall back on fossil fuels that produce earth-warming greenhouse gases. This is especially the case in countries like India, where demand for power is soaring.
The project aims to start with a “coalition of the willing,” such as two countries that would mutually benefit from the transfer of solar electricity, he said. These countries would then have to decide how they want the interconnection to work and what rules would regulate it.
Mathur said investors need to be assured their investment is safe and that they can get a positive return, while also ensuring that the cost of the electricity generated will be affordable.
The International Solar Alliance hoped to enter into an agreement with a new group called the Global Energy Alliance, which includes philanthropy organizations and multi-laterals like the World Bank, to create a $10 billion fund for the project and help mitigate risks, he said.
“So we create the projects, we take it to them and they help…make those projects safe enough to draw in investments from international organizations,” he said.
Even with a “fairly aggressive” timeline, Mathur said the first projects connecting different regional grids would still “take a year,” since countries first need to be convinced of the concept and then work together to determine the best way to develop the interconnection.
