Recently India showed interest to become lead member of the World Solar Bank (WSB), a multilateral lender proposed by the International Solar Alliance (ISA). The idea of a WSB has gained traction as many ISA member countries may have difficulty raising finances on their own. Setting up the WSB will add heft to India’s credentials as a clean energy champion.
The establishment of International Solar Alliance (ISA) of more than 122 countries initiated by India, is the first international treaty-based organization headquartered in India. • Under ‘One sun One World One Grid’, India seeks to replicate its global solar leadership by encouraging the phased development of a single globally connected solar electricity grid to leverage the multiple benefits (Low cost, Zero pollution) of solar energy.
- India’s solar energy development is largely built over imported products.
- India’s domestic content requirement clause is facing legal challenge at WTO.
- India is dependent on Chinese imports for solar equipment, such as solar cells, panels, etc.
- Land availability in India for solar plant is less due to high population density.
- China’s strong manufacturing base is giving stiff challenge to domestic manufacturer.
- India’s solar waste is estimated to be around 1.8 million by 2050, which needs to be tackled.
Strong financial measures are required to finance the solar projects. Innovative steps like green bonds, institutional loans and clean energy fund can play a crucial role. Promotion of research and development in renewable energy sector, especially in storage technology. Along with prioritizing designing microgrids, public policy attention is needed for developing battery technologies at scale for local applications. India needs a Solar Waste Management and Manufacturing Standards Policy.TSPSC Notes brings Prelims and Mains programs for TSPSC Prelims and TSPSC Mains Exam preparation. Various Programs initiated by TSPSC Notes are as follows:-
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