Timely: WB’s $1bn funding to energy storage will be important in bringing more renewable energy online Image credit: Energystoragereport.info

World Bank pledges  $1 billion for renewable storage

In a ‘game changer’ for developing countries, the World Bank has committed $1billion to boost battery storage for renewables at the One Planet summit in New York. The program aims to help create wind and solar grid stability and provide access to electricity. It is expected to raise an additional $3 billion from public and private funds and investors.

China steps up clean energy target

In a huge push, China has increased its renewable energy goals to 35% of total power use by 2030 (from the previous 20%). The new plan seeks to penalize violators to help fund subsidies. BOCI research analysts found the new plan to be ‘more favourable to operators’.

Indian govt forced to extend mega solar manufacturing tender

The state-run Solar Energy Corporation of India (SECI) was forced to extend a tender deadline yet again as big firms refused to bid for a ‘faulty’ format; the ‘world’s largest’ 10 GW solar plan, comes with 3 GW of compulsory domestic manufacturing.

Bad news for renewables: No priority loans

The government has refused big solar developers’ demand for priority bank loans to fund renewable projects. “There’s enough liquidity in the market for renewables,” the govt said. Banks are reportedly reluctant to fund solar projects over reports questioning their viability and record low tariffs.

Solar industry seeks government clarity on GST rate for its plants

India’s solar industry sought clarity from the government on the GST rate applicable on solar plants, with two state appellate authority rulings backing different rates in Karnataka (5% GST) and Maharashtra (18% GST).The Solar Power Developers Association, which has approached the government to provide clarity, has also pitched for a rate of 5%.

Jaipur ranks 3rd in world’s top renewable cities

Jaipur bagged third place in the world’s top 10 smart renewable cities list, while Bengaluru came in at a close sixth. San Diego, in United States, topped the list, which was part of a latest study conducted by accounting and consultancy firm Deloitte. The report defined smart renewable cities as cities with solar or wind power and a smart city plan that includes a renewable energy component.

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