Emphasising India’s growing economy and its policy intent at the highest level, Finance Minister Nirmala Sitharaman on Wednesday said the country is well placed to contribute to strengthening and diversifying supply chains, besides readiness to play a bigger role in the supply chains of clean energy products.
Sitharaman participated in the launch of “Partnership for Resilient and Inclusive Supply-chain Enhancement” (RISE) on the sidelines of the World Bank-IMF Annual Meetings in Marrakech on Wednesday.
The RISE partnership is an initiative of the World Bank and G7 Japan Presidency for developed & developing countries, providing an opportunity between G7 members, interested developed countries, and low-middle-income countries to build momentum for enhanced collaboration on global issues of supply chain diversification of clean energy products and tackling climate change.
India is undertaking some of the most robust climate actions through its Nationally Determined Contributions (NDCs), which include an ambitious programme for a transition to clean energy and the RISE partnership is completely in sync with India’s domestic policy of prioritising, she said.
Underlining India’s key priorities for clean energy, which include solar, offshore wind, green hydrogen and battery storage, Sitharaman mentioned that India has advanced its target for non-fossil fuel installed electric capacity to 50%, having achieved the previous target of 40% ahead of 2030. She emphasised India’s commitment to bringing down energy storage costs and reducing the emissions intensity of India’s GDP by 45% by 2030 from 2005 levels.