RELEASE: Green Power Market Development Group Announced at Clean Energy Ministerial
Business group will help increase the uptake of renewable energy sources in India
A group of leading businesses and organizations announced the expansion of India’s Green Power Market Development Group (GPMDG) at the Clean Energy Ministerial in New Delhi. The objective of the GPMDG is to transform energy markets and enable corporate buyers to access reliable and clean energy, diversify their energy portfolios with green power, and reduce their impact on climate change.
According to the latest reports, clean energy investment dipped in 2012, but it still was nearly $270 billion, which is a five-fold increase over the past decade.
Jamshyd Godrej, Chairman of CII - Godrej GBC said, “Moving to clean energy makes good business sense—and it can be done economically so that it benefits businesses and consumers alike. This innovative partnership brings together leaders in business and the non-profit arenas so we can mobilize action while understanding the underlying financial, regulatory and environmental considerations. If done right, the partnership can really help to spur the deployment of renewable energy in India.”
The GPMDG in India already has seven businesses on board with combined market value of more than $450 billion. It is being organized by the Confederation of Indian Industries (CII) and the World Resources Institute (WRI), with the support of Shakti Foundation, Caterpillar Foundation, and US Department of Energy.
The GPMDG, which was recently launched in Bangalore, brings together renewable energy buyers, sellers and regulators together on a common platform. Its aim is to help close the supply-demand gap with renewable energy sources. GPMDG intends to integrate both utility scale and decentralized renewable energy options into industrial parks and housing developments in Bangalore.
“We need to accelerate the deployment of renewable energy in order to increase access to reliable and clean energy,” said Manish Bapna, Managing Director, World Resources Institute. “Companies can help generate this growth by procuring clean energy that is less expensive than diesel-based alternatives and will soon be cheaper than grid-based alternatives. The Green Power Market Development Group can be a powerful catalyst toward reaching these goals.”
By aggregating demand through a critical mass of participants, the GPMDG helps corporate renewable energy procurement achieve greater scale. It will help companies collaborate to buy renewable energy efficiently, and not in a fragmented way. GPMDG companies can be leveraged to build demand for renewable energy procurement, support new renewable energy projects, raise awareness and influence policy. Interactions between the private sector and policymakers will explore policy solutions and identify modifications in regulatory measures which can facilitate and encourage renewable energy purchase agreements.