State-run power producer NTPC said on Sunday that it will form at least two international alliances to facilitate clean energy research and promote sustainability in energy value chain by 2025. The announcement was part of the ‘Energy Compact goals’ that NTPC set at the UN High-level Dialogue on Energy (HLDE). NTPC is the first Indian energy company and currently among the few global firms to declare energy compact goals under the UN-HLDE framework.
NTPC also pledged to achieve 60 giga-watt (GW) of cumulative capacity of renewables by 2032 as part of its energy compact goals. As FE reported on June 22, NTPC has doubled its renewable energy target for 2032, and now wants to have 60 GW of wind and solar capacity by the end of the target period. Currently, the installed renewable energy capacity of the company is 1,350 MW and by FY24, it intends to add about another 13,000 MW of green power generation base.
The United Nations is set to convene a high-level dialogue in September 2021 to promote the implementation of the energy-related goals and targets of the 2030 Agenda for Sustainable Development.
As part of the national energy compact announcements, India has promised to continue supporting the International Solar Alliance (ISA) in facilitating large scale energy transition in countries around the world. ISA is a treaty-based intergovernmental organisation headquartered in India, which plans to mobilise more than $1,000 billion of investments by 2030 to promote solar technology in countries lying between the tropics of cancer and capricorn.
NTPC, along with other PSUs like SECI, IREDA, PGCIL, REC, CIL and PFC, has contributed $1 million each toward ISA funding. Five state-run oil and natural gas PSUs will also become corporate partners and will contribute to ISA’s corpus fund, Union petroleum minister Dharmendra Pradhan had said earlier.
NTPC had said in September, 2020 that it has inked an MoU with ISA to implement 47 solar projects in lesser developed countries and small island states. NTPC aims to piggyback ISA to expand solar footprint. FE had reported earlier that company had urged ISA to appoint it as a consultant for global rooftop solar projects against a 6-10% of the project cost as upfront consultancy fees.