BENGALURU: “The price of energy storage is four times higher than energy production. The whole world is talking about transitioning to renewable energy sources, but is not making investments,” said Union Minister for Power RK Singh, here on Sunday.
Speaking at the inauguration of the First Energy Transition Working Group, which India is heading as part of the G20 summit, Singh called upon countries to invest in energy transition and storage. “But the whole energy discourse will be incomplete without investments. As we move towards renewable energy sources, we should invest in energy storage,” he added.
Without investing in storage, round-the-clock electricity supply cannot be achieved. “Solar and wind energy sources are available only at certain hours of the day, which makes electricity supply intermittent. Grid instability can be overcome by energy-storing projects,” he added.
The discourse has to move along with energy security and focus on the supply chain. It has to share technology and help provide universal access to clean energy and make the planet healthier, he added.
Union Minister for Parliamentary Affairs, Coal and Mines Pralhad Joshi called upon developed countries to support developing countries with investments in R&D and deployment of clean energy technologies.
“There is a need for international cooperation and collaboration to achieve universal access to clean energy and a just, affordable and inclusive energy transition. India is increasing its share of renewable energy in its energy mix and has set ambitious targets for increasing renewable energy capacity.
India has launched several policies and initiatives aimed at promoting energy efficiency and reducing dependence on fossil fuels. The policies include the National Action Plan on Climate Change and the National Solar Mission,” he said.