Solar energy is playing a dominant role in business which could be further boosted with the Diversification of the global supply chain. With this aim, India has been building partnerships with trade blocks including European Union to harness the benefits of solar energy. Recently India and the European Union inaugurated an event on ‘Solar Energy – Diversification of the global supply chain and EU-India cooperation in the area of manufacturing.
“Under our 2016 Clean Energy and Climate Partnership, the EU and India have been working together in support of the solar sector. But there is still much-untapped potential. We can further expand our cooperation and jointly address how to secure global supply chains for solar PV and strengthen the manufacturing across the globe,” said European Commissioner for Energy Kadri Simson, adding, “Currently we have a situation where one country largely dominates the manufacturing market of Solar PV. We should broaden this market together.”
The need for clean and renewable energy is most relevant for both the EU and India to meet their objectives under the Paris Agreement. Extreme weather events experienced in both regions over the last few years have confirmed the urgency to act. The EU has decided to accelerate further its clean energy transition also due to Russia’s aggression against Ukraine. Under its new solar strategy presented in May 2022, as part of REPowerEU, the European Union plans to diversify away from fossil fuel imports from Russia and fast-forward its green transition.
Minister of State (New and Renewable Energy, Chemicals and Fertilizers) Bhagwanth Khuba, underlined the need for diversification of supply chains and India’s plans to ramp up manufacturing of Solar PV cells and modules through the Production Linked Incentive Scheme with a total outlay of Rs 24000 crore. He highlighted India-EU cooperation under the Clean Energy and Climate Partnership and stressed the need for joint cooperation on R&D in Solar PV technology.
The event, organized jointly by the European Union and the Ministry of New and Renewable Energy, Government of India, in close cooperation with the Confederation of Indian Industry (CII) and SolarPower Europe, also featured strong participation from the European and Indian business community.
The event saw strong participation from European and Indian businesses as experts discussed the ‘Importance of diversification of the global supply chain’ and ‘EU-India cooperation in the area of manufacturing. Participants included: International Energy Agency, SolarPower Europe, European Investment Bank, Enel Green Power SpA, REC, International Solar Alliance, CII, National Solar Energy Federation of India, India First Solar, Apraava Energy, Engie India, Tata Power Solar, Adani Transmission Ltd, ReNew Power, Jackson Group, RIS, Solar Energy Corporation of India Limited, Indian Renewable Energy Development Agency and Fortum India Pvt Ltd.
India-EU Partnership in the Energy sector
Current EU-India climate and energy relations are guided by the Clean Energy and Climate Partnership, agreed upon at the EU-India Summit on 30 March 2016 with the aim of reinforcing cooperation on clean energy and for the implementation of the Paris Agreement, strengthening joint activities for the deployment of climate-friendly energy sources. At the Leaders Meeting in Porto in May 2021 a new Connectivity Partnerships was agreed upon, also with a view to supporting the implementation of the Clean Energy and Climate Partnership. The EU and India have intensified in recent years their energy dialogue. They successfully work together in a number of areas: energy efficiency in buildings, solar energy, offshore wind energy, integration of renewable energy through smart grids, electricity market regulation, and biofuels. In December 2021, the EU and India decided to add new topics of mutual interest, such as hydrogen.
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