Economy

Energy storage leaders call for policy measures under Atmanirbhar Bharat

Our Bureau Hyderabad | Updated on September 23, 2020 Published on September 23, 2020

Amitabh Kant, CEO, NITI Aayog   -  KSL

IESA pushes for building local capacity for energy storage

Energy sector leaders have called for new policy measures to promote energy storage facilities in the country under the Atmanirbhar Bharat initiative of Prime Minister Narendra Modi.

At a global Web interface with various stakeholders, India Energy Storage Alliance (IESA) called for a special focus on building local manufacturing capacity for energy storage.

On the 4th World Energy Storage Day, celebrated on September 22 when the autumn equinox occurs where the day and night are of approximately equal duration, IESA emphasised the importance of building a robust energy storage ecosystem, supported by policy incentives.

The significance of energy storage as an integral part of the electrical grid was emphasised to drive home the need to lay special focus on energy storage in future power generation capacities. As the government targets 175 Gigawatts (GW) of renewable energy capacity by the year 2022 and 450 GW by 2030, a large proportion of this capacity will come from hybrid projects, where energy storage will play a very key role.

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Rahul Walawalkar, President, IESA, said, “The world is at the cusp of a 21st-century industrial revolution. Energy storage will be at the epicentre of this revolution. The discussions and insights here have set the tone for many strategic interventions across the world towards building a global ecosystem for energy storage in the power & transportation sectors. The event emerged as a catalyst towards highlighting the potential of energy storage for future businesses and sustainable living.”

Amitabh Kant, CEO, NITI Aayog, said, “NITI Aayog is working with the World Bank to pilot various energy storage points and projects across the power sector in India. Battery storage is the undisputable leader in the overall Energy Storage Portfolio. With high priority accorded to Make in India, the government will soon launch incentive schemes to invite global companies through the transparent competitive process to set up mega manufacturing plants in advanced technology areas such as solar photovoltaic cell and advanced battery storage in India. Renewables can become dispatchable, replacing fossil fuels.”

Also read: How India can effectively crack the electric mobility code

During the conference, he said, the government is set to launch a tender to invite global companies for developing solar projects. “India is taking concrete steps to develop a favourable business environment for a greener economy. The coming age is the age of cutting-edge energy storage technology,” he said.

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Published on September 23, 2020
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