Cyprus
Towards mitigating the threat of climate change and environmental degradation, European Commission proceeded with the establishment of the Green Deal. The end goal was to ensure competitive and resource efficient economies. Out of the 1.8 trillion euro in investments for the NextGenerationEU Recovery Plan, one third will finance the European Green Deal, in order to achieve zero net emissions of GHG by 2050 and decoupled economic growth from resource use. Cyprus, as member state of the EU, must be aligned with the aspirations of the Green Deal and move forward on decarbonising its energy sector and promoting investment in environment-friendly technologies. Cyprus has redirected its focus from being largely fossil fuel dependant to diversifying its energy landscape. The island has the highest share of fossil fuel dependency for energy generation, while also spending 8% of its GDP to support its electricity needs by way of heavy fuel oil and diesel. Increased investment in renewable energy sources along with research and innovation aim to build a zero-carbon country. Focus is being given on subsidising green initiatives and also on international companies ready to invest, specifically in solar energy.
Cyprus EU 2020 goal was to consume 13% energy from renewable sources. In 2018, Cyprus managed to achieve a 13.78% rate, accomplishing its target earlier than planned. The momentum thus created will be significant in achieving the ambitious goal of establishing Cyprus as a zero carbon country by 2050. Cyprus, as an island, must address its electricity isolation by creating a more flexible power system. In order to achieve that, smart grid technologies and high end storage methods must be implemented. Cyprus is relying on its energy mix transformation primarily because of solar power. The island has the highest solar power potential in comparison to any other EU country. Currently, 90% of households and 50% of hotels in Cyprus are equipped with solar water heaters. Consequently, Cyprus is the country with the highest number of solar water heaters per capita. The International Renewables Agency concluded that 25-40% of the electricity supply could be provided by renewable sources by 2030. Although, a heavy investment on electricity storage would be necessary to uncover the full potential of solar power.
The new National Energy and Climate plan was submitted to the European Commission in January 2020. The 10 year roadmap declares the commitment of Cyprus to reach 23% energy from renewable sources and GHG reduction of 24% by 2030.
India
India has the 5th largest installed capacity of renewable energy in the world with the 4th largest installed capacity of wind power and 5th largest of solar power. Between 2016 and 2020, the renewable power generation capacity grew with a CAGR of 17.33%, gaining the attention of international investors. With a potential capacity of 363 GW and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India. It is expected to reach energy demands of 15,820 TWh by 2040 with the government aiming to meet its energy demand on its own. By 2040, around 49% of the total electricity will be generated from renewable energy sources, while 55% of the total installed power capacity will be derived from green sources by 2030.
The Government of India aspires to develop a green city in every state, powered solely by renewable energy, solar rooftop systems in all houses, solar parks and waste to energy plants.
India ranked 3rd globally in renewable energy investments in the year 2020. The non-conventional energy sector received 9.83 billion dollars investment between April and December 2020, while 42 billion dollars have been invested in the renewable energy sector since 2014. In the next four years, 80 billion dollars are expected to be invested for this purpose.
The Government is committed to support sustainable growth and is already undertaking various large-scale renewable energy projects. The Ministry of New and Renewable Energy (MNRE) has set a target to meet the renewable energy capacity of 227 GW by 2022, 114 GW being from solar and 67 GW from wind energy.
With the international focus on sustainable growth, both Cyprus and India have plans to attract investment on renewable energy sources and especially on solar power and energy storage. Foreign investment, funds and research & innovation are spearheading this endeavour towards a green future and decarbonised economies.
