WBCSD partners with ten of the world's leading companies to launch innovative renewable energy program from India
Program is part of WBCSD's Low Carbon Technology Partnerships initiative (LCTPi), which is testing high-impact plans to develop and deploy low-carbon technologies at a series of international roundtables in the lead-up to COP21 in Paris
Welspun Renewables, a leading renewable energy company in India, is joined by ABB, Acciona, DNV GL, EDF, EDP, ENGIE, Iberdrola, Statkraft and Vestas to drive the program forward and plan the scale-up of the technologies
The program directly addresses two crucial barriers to scaling deployment to fully unlock the potential for renewable energy across both emerging and mature markets
New Delhi, 14 September 2015 - Today, the World Business Council for Sustainable Development (WBCSD) launches an innovative renewable energy program in India as part of a series of national dialogues taking place across the world during September and October, as part of its Low Carbon Technology Partnerships initiative (LCTPi).
The meeting in New Delhi, India, will be opened by Peter Bakker, President and CEO of the WBCSD. The dialogue brings together leading business figures and Indian policymakers to drive low carbon technology solutions forward ahead of COP21, the UN's global climate negotiations in Paris this December.
During the India Action2020 Climate Dialogue, WBCSD will launch the latest program in its Low Carbon Technology Partnerships Initiative (LCTPi): renewable energy.
The new renewable energy working group is focused on developing business solutions to facilitate accelerated deployment of renewable energy. It brings together some of the world’s leading companies including ABB, Acciona, DNV GL, EDF, EDP, ENGIE, Iberdrola, Statkraft, Vestas, Welspun Renewables and more.
Speaking at the launch, WBCSD President and CEO Peter Bakker said:
“We are proud to launch this new renewable energy work stream as part of the Low Carbon Technology Partnerships initiative. Ahead of the UN climate conference in Paris this year, we are working with the world’s most forward-thinking companies to develop new and innovative low carbon solutions that can address the climate challenge.
"Today’s announcement shows that businesses around the world are taking decisive steps to combat climate change, and that they see the commercial value of investing in a low carbon world."
An additional 1.5 TW of renewable energy deployment is required globally between now and 2025 to avoid catastrophic climate change. WBCSD member companies and partners believe that renewable energy is reliable and increasingly competitive, and there is a need to accelerate implementation of solutions to address two crucial challenges: access to finance, integration of renewable energy into grids and electricity markets.
Vineet Mittal, Vice Chairman Welspun Renewables said: “India has a massive development agenda that requires sustainable solutions, and renewable energy is the only way to go. With Prime Minister Narendra Modi announcing the 175 GW capacity target, renewable energy has become a primary source.
“In recent times we have seen an exponential increase in installed capacities. The country is at the brink of breaking into top five solar power producers in the world. We have already achieved the 4 GW solar installed capacity target. The idea is not just to achieve the 175 GW goal but to ensure that India’s dependence on fossil fuels is decreased. For instance, as an IPP by commissioning our utility scale solar and wind projects we have cumulatively mitigated 1,158,462 tons of carbon emissions. This is an example of one player in the sector - given the rapid scale of development you can imagine the massive mitigation numbers India will be achieving year-on-year.”
The working group brought together as part of the LCTPi program contains some of the world’s leading companies in the area of renewable energy. By working together, the group will develop action plans and firm policy recommendations designed to enable accelerated and scaled-up deployment of renewable energy.
David Walker, CEO DNV GL – Energy said: “With signs of climate change on all continents, considerable acceleration in renewable energy deployment is needed to achieve the IEA 2 degrees scenario. As a reliable and increasingly competitive alternative for fossil fuelled energy generation, the demand for renewable energy assets is rising in many countries. For large countries like India, China and Brazil renewable energy offers great opportunities for sustainable growth.”
“To ensure hurdles are removed and risks are managed, collaboration between businesses, governments and regulators is needed to push the renewable energy development forward. I am convinced that the innovative power of the global companies from the energy industry that have now joined forces in the LCTPi initiative will help to remove the barriers towards a near future large scale deployment of renewable energy.”
The RE LCTPi will collaborate with RE100, an initiative by the Climate Group and CDP, which helps forward-thinking companies that have set a 100% renewable goal. These initiatives will enable India’s leading companies to fully harness the economic opportunities of investing in renewable energy and accelerate the transition to a low-carbon economy. LCTPi and RE100 are supported by We Mean Business.