9NOVEMBER 2024INDIA RETAINS THE PRESIDENCY OF THE ISA FOR 2024-2026OIL SUBSIDIES REFORMED TO PAVE THE WAY FOR RENEWABLE ENERGY INVESTMENTSUnion Minister Pralhad Joshi announced on Monday that India has been re-elected as the President of the Indian Solar Alliance (ISA) for the term from 2024 to 2026. This announcement was made during the 7th General India has made significant strides in reforming fossil fuel subsidies, reducing support for the oil and gas sector by 85 percent, from $25 billion in 2013 to $3.5 billion in 2023, according to a statement from the Ministry of New and Renewable Energy (MNRE). Following a "remove, target, Assembly of the ISA, where France was also re-elected as the Vice-President of the organization.Joshi highlighted that India's continued presidency reflects the significant efforts made by the country, particularly under Prime Minister Narendra Modi's leadership, to promote solar energy adoption globally and attract investment for essential solar projects, such as mini-grids and healthcare solutions.Africa Region: Ghana and Seychelles as Vice Presidents, with South Sudan and the Comoros as Vice-Chairs.Asia and the Pacific Region: Australia and Sri Lanka as Vice Presidents, with United Arab Emirates and Papua New Guinea serving as Vice-Chairs.Europe and Others Region: Germany and Italy were chosen as Vice Presidents, along with Greece and Norway as Vice-Chairs.Latin America and the Caribbean Region: Grenada and Suriname will lead as Vice Presidents, while Jamaica and Haiti will act as Vice-Chairs.Additionally, the ISA member countries selected Ashish Khanna as the Director General Designate, who will take office in March 2025, succeeding the current Director General, Ajay Mathur. This re-election underscores India's commitment to enhancing global collaboration in solar energy initiatives and furthering sustainable development goals. and shift" strategy, India has steadily cut down on subsidies since 2010 by adjusting retail prices, tax rates, and subsidies for specific petroleum products. This transformation has freed up fiscal resources, allowing the government to invest in renewable energy and sustainable infrastructure.Key reforms included the phasing out of petrol and diesel subsidies from 2010 to 2014, followed by tax hikes on these fuels until 2017 during periods of lower global oil prices. With these subsidy cuts, India has increasingly directed funds towards clean energy projects, including solar parks, distributed energy solutions, and the expansion of electric vehicle infrastructure. This policy shift has not only enhanced renewable energy investments but has also reinforced India's commitment to a resilient and sustainable energy future, according to a report by the Asian Development Bank (ADB).The MNRE emphasized that India's approach serves as a model for other countries seeking to reduce dependency on fossil fuels, pointing to an ongoing investment in clean energy solutions and grid-strengthening initiatives. The gradual subsidy reduction has laid the groundwork for an accelerated transition toward renewable energy, with fiscal room now available to support large-scale, sustainable projects.
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