New Delhi, Feb 4 (ANI/Business Wire India): The Renewable Energy and Efficiency Partnership (REEEP) discussed 'Scaling up renewable energy and energy efficiency in South Asia: Focus on financing, investment and technology' to address and stimulate the use of renewable sources of energy that are abundant in South Asia.
The growing demand of energy can be met through its efficient use and the panel brainstormed on expanding profitable renewable energy and energy efficiency business opportunities in South Asia.
Present on the occasion were, Creon Butler, Minister and Deputy High Commissioner, British High Commission, New Delhi, Gauri Singh, Joint Secretary, MNRE (Ministry of New and Renewable Energy), Govt. of India, Dr Marianne Osterkorn, Director, REEEP International Secretariat and Dr. Ligia Noronha, Coordinator, REEEP SA.
Addressing the esteemed audience, Gauri Singh, Joint Secretary, MNRE said, "We are at crossroads, where energy trends are not sustainable. MNRE is currently looking at energy security but we do know that renewable energy is an important mitigation factor. The government has to come up with innovative policies to drive investments, as the energy sector is largely a private sector domain. The Ministry is playing an advocacy role within the government to stimulate debate and gain attention towards the renewable energy sector. Presently, wind energy is a major renewable energy source in India and policy framework is required to drive investments in this sector."
"However, we realise that a huge potential lies in harnessing solar energy and we should start building a base in manufacturing areas. There is a huge market for solar thermal and solar PV (photovoltaic). Our focus is to facilitate investments in wind and solar energy sectors. We are ready for next generation policy framework that will be based on higher generation and energy efficiency," Gauri Singh added.
Every year REEEP announces a call for project proposals that support the development of markets for renewable energy and energy efficiency and engage government and financing institutions in its effort to improve the uptake of RE (Renewable Energy) and EE (Energy Efficiency) technologies.
The seventh Call for Proposals for regular projects for REEEP closed on November 2008. This year the programme cycle has been the largest in REEEP's history and will support 43 new projects in the priority areas of policy and regulation and business and finance.
The seventh programme cycle is financed through generous contributions from the governments of United Kingdom, Norway, Australia, Ireland and Italy. The South Asia secretariat received 90 proposals and 17 out of those have been invited to develop and submit full proposals.
Speaking on the efforts of REEP, Creon Butler, Minister and Deputy High Commissioner, British High Commission said, "We are facing very different circumstances in the economy today. Rise in commodity and oil prices, widening impact of economic crises and fighting climate change has made REEEP relevant today. Three points will help REEEP to grow and expand: a) to reduce volatility in energy prices, government policies can help to promote renewable energy and observe private sector mechanism, b) designing new financial markets to drive renewable energy and energy efficiency and c) opportunities provided through government action on energy and energy efficiency by increasing public sector spending."
The panel discussion involved players from the public and private domain and initiate discussions with investors, developers, financiers, private firms, policy makers, end users, and development agencies to show that renewable energy and energy efficiency business opportunities exist in South Asia and similar developing economies. (ANI)
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