Renewable Energy should be made affordable for developing economy: Dr. Abdullah

UAE FOREIGN MINISTER CALLS ON DR. ABDULLAH 

The Union Minister for New and Renewable Energy, Dr. Farooq Abdullah said that the cost of development and use of renewable energy should be made affordable for its use by developing countries. He said this when the UAE Minister for Foreign Affairs, Sheikh Abdullah Bin Zayad Al- Nahayan called on him here today. Observing that developing countries are more in need of renewable energy, Dr. Abdullah said that India is looking forward to bilateral cooperation with the UAE in the field of collaborative research and development. 

During the meeting, the UAE Minister apprised Dr. Abdullah of its 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. The prime objective of IRENA is to upscale the renewable energy development and its deployment at the global level. It 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 IRENA should take up the role of facilitating renewable energy technology development at a global level through various ways such as joint research and development, technology transfer through market mode, placing new and renewable energy technology in public domain to the extent possible and to ensure that low cost funds are available for increasing deployment of renewable energy. In its interface in the climate change debate, India has been advocating that IRENA should ensure efficacy and attractiveness of Clean Development Mechanism (CDM) financing for renewables. 

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.