To see how fast the world is turning away from coal and gas take a look at China and India – big things happening.
India is targeting 40 per cent of electricity generation from non-fossil fuel-based resources by 2030 as it looks to tap vast solar and wind potential to replace reliance on polluting coal to meet its energy needs, Prime Minister Narendra Modi said Tuesday.
Modi said he saw the 121-country International Solar Alliance as the future OPEC for meeting energy needs of the world.
Speaking at the first Assembly of the ISA here, he said solar power will play the same role that oil wells have played over the past few decades in meeting global energy needs.
Humans have in the last 150-200 years relied on resources trapped below the earth’s surface for meeting energy needs. But for a secure future, resources available above the ground like solar and wind energy need to be harnessed, he said.
“This is the right time to invest in solar manufacturing,” he said adding he saw an investment potential of USD 70-80 billion in solar manufacturing.
How can Australian investors and superannuation funds best access investment into solar and wind in China and India?