New Delhi – India is considering various options for clean and affordable energy options. For this, the United Kingdom has expressed its willingness to cooperate with India. Recently, Prime Minister Narendra Modi had announced the National Hydrogen Mission in his Independence Day speech. On this front, the United Kingdom has expressed willingness to cooperate with India. The option ‘Can India and the United Kingdom set up a World Bank for green energy?’ is also being explored. Alok Sharma, a senior British political leader and current chairman of the United Nations Climate Change Council (COP-26), is visiting India. He held talks with Indian Energy Minister K. Singh. The two countries discussed energy cooperation in detail, including a proposal to set up a World Bank for green energy.
Prime Minister Modi has announced a National Hydrogen Mission to make India a green hydrogen production and export hub. The electrolysis of water produces hydrogen gas. Hydrogen gas can also be obtained by separating hydrogen from natural gas. Apart from this, other options for securing hydrogen fuel are being explored. Extensive research is currently underway in India. India imports 85 per cent fuel oil and 53 per cent fuel gas. Therefore, in a country like India, efforts are being made to reduce dependence on fuel imports by focusing on renewable energy sources. India’s greater reliance on imported fuels could be reduced if India focuses on producing green hydrogen, including solar and wind energy.
Against this backdrop, the discussion was held between Alok Sharma and RK Singh. This time the United Kingdom will soon be inviting bids for green hydrogen and lithium ions. The United Kingdom has also asked India for this, the Union Energy Ministry said. RK. Singh reminded that recently, under India’s Production Linked Incentive (PLI) scheme, Tesla has been sanctioned a concession to set up a Giga factory for battery production. He also underlined that India was the only country in the G-20 to reduce greenhouse gas emissions under the Paris Agreement.
Alok Sharma, Chairman, COP-26, and Union Energy Minister RK Singh discussed founding a world bank for green energy. This could lead to the goal of providing $100 billion in funding to developing countries under the Paris Agreement. Alok Sharma sought India‘s cooperation to make the COP-26 conference successful on behalf of the United Kingdom. It was decided to raise $100 billion to help developed countries cope with climate change and reduce emissions of hazardous gases. Not much progress has been made in this regard. Against this backdrop, the proposal for a World Bank for green energy has also come to the fore. India’s initiative has also led to the establishment of the International Solar Alliance (ISA). For this, the establishment of the World Solar Bank (WSB) is under consideration.
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