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EY, Ficci identify 600 ‘shovel-ready’ projects with potential for Rs 6 lakh cr funding, 1.5 million new jobs

A joint report by trade representatives, international consultancy agency EY and trade foyer Ficci has recognized over 600 ‘shovel-ready’ low carbon funding alternatives in India with large potential for post-pandemic financial restoration and job creation.

The recognized projects have a potential for practically Rs 6 lakh crore of investments and the capability to create round 1.5 million new jobs. The recognized areas embody utility scale renewable power energy technology, rooftop photo voltaic PV deployment, decentralised RE energy technology, authentic RE tools manufacturing, and electrical car charging infrastructure.

The report claims to have offered, for the primary time, an evaluation of what’s at stake when it comes to the financial growth, capital mobilisation, self-reliance, jobs and surroundings in every of the crucial thematic areas of low carbon infrastructure.

The goal of the report was to assist the federal government form concrete coverage for balancing financial restoration and local weather neutrality objectives in post-Covid stimulus efforts.

The stakeholders who attended a session assembly in March and shared the venture stage info and insights for the report included representatives of the ministry of new and renewable power,

, Aditya Birla (*6*), Azure Power, , Inox Wind, , ReNew Power, SB Energy Corp and Sembcorp Energy.

“The shovel-ready projects identified have the desired potential to create social, environmental and economic value in the immediate future,” mentioned the report. “As the purpose of the report is to uncover a pipeline of ready-to-invest projects, we have focused on projects that are expecting financial close in the short term.”

The report urged the coverage makers to mirror on the urgency of the challenges posed by Covid-19 and leverage on the present clear power programmes for fast financial restoration.

“Labour-intensive, shovel-ready, low carbon infrastructure projects having strong interactions with the hard-hit construction industry must be at the focus of the post-Covid green stimulus efforts,” it mentioned.

As a part of the stimulus motion, the report suggested the federal government to work in the direction of readability on waiver of inter-state transmission expenses and losses on provide of photo voltaic and wind energy past June 2023, and arrange a mechanism to rediscover tariffs for stranded projects with out energy buy agreements.

The report additionally urged establishing a strong coordination mechanism between central off-takers and state governments in the direction of firming up long-term energy procurement plans, increasing the home lending base for hybrid RE energy projects in pipeline, and selling electrification of finish use to spice up demand progress.

There are over 300 utility scale RE-based energy technology projects within the pipeline led by each private and non-private sector, the report identified. These projects embody photo voltaic PV, wind, biomass and hybrid RE projects beneath totally different phases of growth. Together these projects represent round 84 gigawatts of contracted capability within the pipeline.

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