Dr Abdullah urges for affordable renewable energy
Union Minister for New and Renewable Energy, Dr Farooq Abdullah has stated that the cost of development and use of renewable energy should be made affordable for its use by developing countries. Dr Abdullah said this during his meeting with the UAE Minister for Foreign Affairs, Sheikh Abdullah Bin Zayad Al-Nahayan recently.
While remarking that developing nations are more in need of renewable energy, the minister said that India is looking forward to bilateral cooperation with the UAE in the field of collaborative research and development.
The UAE Minister informed Dr Abdullah of his country’s decision to host the International Renewable Energy Agency (IRENA) at Abu Dhabi. IRENA has been set up as the first international organization to focus exclusively on the renewable energy development and deployment. IRENA aims at rapid transition towards the widespread and sustainable use of renewable energy worldwide. 93 countries including India are signatories to the IRENA Statute.
The visiting UAE Minister informed that UAE has made a commitment of $50 million annual over next 7 years to finance renewable energy projects in developing nations as recommended by IRENA. UAE will also provide $135 million cash and in-kind support to the IRENA during its initial years of operations, followed by a steady government support of more than $2 million annually.
Dr Abdullah said that India looks forward to IRENA both with respect to global cooperation on technology development and transfer, and also facilitating low cost funding for renewable energy projects in the developing countries.