UN Chief Hails India’s ₹1.86 Lakh Crore Green Energy Corridor
UN Climate Change Executive Secretary Simon Stiell hails India's Rs 1.86 lakh crore Green Energy Corridor-III as a major step for economic growth.
United Nations Climate Change Executive Secretary Simon Stiell has lauded India’s approval of the Green Energy Corridor Phase-III (GEC-III), calling the massive grid strengthening and battery storage initiative a transformative move for the nation.
Speaking to ANI, Stiell emphasized that this ambitious project is set to deliver "big dividends" for both the Indian economy and its citizens, positioning the country as a formidable global leader in the solar energy sector.
A Boost for Economic Growth and Energy Security
The GEC-III initiative is designed to help India manage its rapidly expanding renewable energy capacity while meeting the surging electricity demands of a growing population. According to Stiell, the integration of renewable energy into the national power system is vital for sustaining economic momentum.
“India’s grid strengthening and battery storage scheme is a major step forward that will deliver big dividends for India’s people and economy,” Stiell stated. He further noted that battery storage offers a strategic advantage for large economies like India, specifically regarding energy security and long-term economic stability.
Job Creation in the Renewables Revolution
As the global shift toward clean technologies accelerates, Stiell highlighted the massive employment potential inherent in this infrastructure overhaul. He noted that the development of stronger power grids and advanced battery storage systems is expected to spark job growth across several key sectors, including:
- Manufacturing
- Construction
- Energy Storage Technology
The Scale of GEC-III: Infrastructure and Investment
The Union Cabinet has sanctioned a total outlay of ₹1,86,405 crore for the GEC-III project. This includes ₹54,082 crore in Central Financial Assistance to bolster intra-State transmission systems and support the deployment of Battery Energy Storage Systems (BESS).
The scheme, which is slated to run until the 2032-33 fiscal year, aims to achieve several massive milestones:
- Renewable Energy Evacuation: Facilitating the transfer of approximately 135 GW of renewable energy.
- Battery Storage: Deploying 50 GWh of battery storage capacity.
- Transmission Expansion: Creating 51,126 circuit kilometres of transmission lines and 2,28,903 MVA of transformation capacity.
Financial Breakdown and Strategic Targets
The central government's financial support is strategically distributed to ensure the project's success:
- ₹45,005 crore: Allocated for intra-State transmission systems.
- ₹6,000 crore: Dedicated to battery energy storage through viability gap funding.
- ₹3,050 crore: To cover committed liabilities from previous phases.
- ₹27 crore: For programme management and essential grid studies.
This government investment is expected to act as a catalyst, leveraging an additional ₹1.32 lakh crore in transmission investment and enabling roughly ₹4.6 lakh crore in investments related to the 135 GW of renewable energy capacity.
Ultimately, GEC-III serves as a cornerstone for India's ambitious goal to reach 500 GW of non-fossil fuel-based installed electricity generation capacity by 2030. By bridging geographically dispersed renewable energy sources through advanced transmission infrastructure, India is securing its path toward a sustainable and energy-secure future.