Under a joint venture led by India and the United Kingdom launched the Green Grid Initiative.
PM Narendra Modi and his counterpart PM Boris Johnson jointly announced a new flagship international initiative at the COP 26 World Leaders Summit at Glasgow. Over 80 counties present in the Summit backed the initiative. This initiative will dramatically accelerate the transition from a coal-based to clean powered world.
What are the features of the green grid initiative?
The ‘Green Grid Initiative- One Sun One World One Grid’ (GGI-OSOWOG) aims to accelerate and deploy interconnected electricity grids across continents, countries, and communities.
Moreover, this initiative will also improve energy access to the least-developed countries through mini-grids and off-grid solutions.
The initiative also features itself as a breakthrough to provide an alternative clean and innovative technology.
Other than India and UK, Australia, France, and the United States are also a part of the steering committee of the ‘Green Grid Initiative.’
The aim is to make clean technologies the default choice in this decade in global terms. And to promote the growth of a new economy developed around new green industries and jobs globally.
Under the GGI-OSOWOG initiative, the two PMs unveiled the ‘One Sun Declaration’ setting out a shared vision of harnessing the ultimate potential globally.
Why focus on clean technology?
The depleting natural resources and the deteriorating conditions of the environment have raised an alarming situation before the Global Leaders. To combat the environmental challenges and ensure sustainable development.
According to the Paris Agreement, the range of global warming temperature rise shouldn’t exceed 1.5 degrees Celsius.
To keep the global warming limits within check, the World will need to adopt clean technology. And, we will need to adopt a decent share of renewable energy like solar, wind, thermal.
For this transition to take place, we need an electricity infrastructure capable of coping with far greater shares of variable renewable energy. Also, the transition should meet the ever-growing demands of electricity.
The financial aspect of the Green Grid Initiative:
As per the Paris Agreement, there is a global commitment to maintain the global temperature within 1.5 degrees Celsius. And for that to happen, global emissions need to be reduced by half by 2030. To minimize emission reductions, a dramatic acceleration in innovation and deployment of clean technology is needed on a global level.
According to a recent study by the International Energy Agency, a tripling in investment in grid expansion and modernization from $260 billion to $800 billion by 2030 is estimated.
This initiative will drive mobilizing the finances and technology to the advanced grid developments. Thus, promoting the share of existing renewable energy across the globe.
To sum up, the agreement between the UK and India represents a strong bilateral relationship. It is also the foundation for an energy-efficient ecosystem that will support sustainable development.
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