About 83 pc green energy switch funded domestically, need to unlock int'l finance: WRI India CEO

New Delhi, Sep 2 (PTI) About 83 per cent of green energy transition is funded domestically and sectors need to figure out how to unlock international finance, WRI India CEO Madhav Pai said on Tuesday.

"Only 17 per cent of the funding (for green energy transition) comes from abroad. But there is plenty of international finance available and we have to figure out how to unlock this," Pai told PTI in an interview.

The WRI India CEO was speaking on the sidelines of WRI India's annual event Connect Karo, during which the independent research organisation signed memoranda of understanding (MoUs) with several organisations.

"Moving to green steel, and green cement... besides hard-to-abate sectors like aviation, maritime, etc, will require international finance to come through. For India to meet its (climate) goals, it needs the finance, making unblocking of international finance absolutely crucial," he said.

"We need more capital commitment (for green transition), especially from Global South countries. Otherwise, there is no way to make this transition," Pai said.

The commercial & industrial (C&I) sector is increasingly showing keenness to make the switch, the WRI India chief said.

"Industrial clusters in Telangana, some in Maharashtra, have expressed interest to join this alliance and see how they can move low- to medium-heat applications to clean energy to electrification," he said.

Today, up to 20 per cent of greenhouse gases come from food loss and waste of food before it reaches the mandi, Pai said, adding that better packaging, storage facilities, and transport can help prevent such losses.

Referring to studies suggesting that a big part of emissions comes from the agriculture sector, Pai advocated for large carbon sinks. Carbon sinks absorb more carbon dioxide than they release, reducing the amount of greenhouse gas.

"Food security is an important topic, land degradation is a huge issue... we are a water-scarce country. So, I think all of these issues are mainstream in our development agenda.

"If you look at the Government of India, a lot of schemes -- MNREGA, State Rural Livelihood Mission (SRLM), watershed management -- are all focused on these. So, I think the adaptation fund conversation has to advance in the global debate," he said.

Pai urged the MSME sector to come forward to take charge in green transition initiatives.

"A number of MSMEs have been impacted by the floods this year... So, preparing for resilience from floods and heat, switching to clean energy, and green skilling are the three things that MSMEs need to make this green transition," Pai said.

WRI India on Tuesday announced that it has signed three MoUs with BSES Rajdhani Power Ltd (BRPL), CuriosumTech, and the Automotive Skill Development Council (ASDC) to accelerate the country's clean energy transition and strengthen its electric mobility ecosystem.

"A lot of these players (with whom WRI India signed MoUs) are willing to move to renewable energy. The idea behind these MoUs is to reach out to clusters in various parts of the country to join the alliance and move to low- to medium-heat applications," Pai added. PTI TRB MR