By Business India Editorial

Indian business leaders feel that India taking over the presidency of International Renewable Energy Agency’s (IRENA) presidency has boosted the country’s leadership in the clean energy space.

IRENA is an intergovernmental organisation mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy.

A 14-member delegation from the Confederation of Indian Industry (CII), which participated in the 13th session of the IRENA assembly from January 13 to 15 in Abu Dhabi, said the Indian presidency of IRENA will help the country's leadership in sustainability efforts.

“India's taking over of IRENA presidency is an apt recognition by the international community of the leadership role India is taking in the global fight against climate change," said Rajiv Ranjan Mishra, co-chairman, CII National Committee on Power, and Managing Director, Apraava Renewable Energy. 

The country hopes for greater global collaboration in sustainability especially since India has taken over the presidency of G20, he said. “The Indian industry will work arm-in-arm with the government to help transform our industry and our country, as we look forward to India becoming the World's third-largest economy by 2030,” he said. 

The Indian industry is looking at the UAE capital for investment in Indian companies. Smart City Programme and Green Hydrogen Hubs are areas where companies, like Masdar, could invest in India, the delegation said in a statement. For the Indian industry, there are opportunities in the UAE for rooftop solar and captive regeneration. The Indian industry is also looking at opportunities here in solar parks, it said. During their stay, the Indian business leaders explored collaboration opportunities with Masdar, a UAE-government-owned renewable energy company based in Abu Dhabi, especially in areas of green hydrogen and sustainability initiatives. 

The UAE and India can expand bilateral cooperation in accelerated climate action and implementation of the Paris agreement, including public-private partnership in renewable power deployment, green hydrogen, sustainable finance, and carbon market development, said the statement. 

The Union Cabinet on January 4 approved the National Green Hydrogen Mission, which is aimed at making India the global hub for the production of green hydrogen. The total outlay for the mission is Rs19,744 crore, out of which the government has allocated Rs17,490 crore for the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme, Rs1,466 crore for the upcoming pilot projects, Rs400 crore for R&D, and Rs388 crore towards other mission components.