Daily Shorts: US offers India cheap capital for clean energy, European solar output jumps on heatwave, and more
India and the US agreed to work together on climate goals and energy transition. US Treasury Secretary Janet Yellen met India's Finance Minister Nirmala Sitharaman and announced plans to build an investment platform that would deliver cheaper capital to renewable energy projects and help increase private investment in cleantech. Last month, the two nations kickstarted a dialogue on energy storage through the India Energy Storage Alliance (IESA) and the US Department of Energy.
World Bank President Ajay Banga announced new plans to increase the amount of money the bank funnels to fighting climate change. The proposals, unveiled at a meeting of G20 finance officials in Gandhinagar, India, include allowing the bank's shareholders to guarantee loans made to national governments, which would increase lending amounts six-fold to $30 billion; a new hybrid capital instrument that could mop up $6 billion; and plans to call-in money pledged that hasn't been sought. Banga also proposed expanding low-rate or zero-interest lending to poor countries. Last week, Banga named 15 executives to a special council to ease funding for renewable energy.
Europe's ongoing heatwave has boosted solar generation to record levels across the continent, data from various energy authorities shows. Power generation from solar sources rose nearly 11 percent y-o-y in the first half of this year to 129.2 terawatt hours, after embedded solar capacity across the continent increased almost 20 percent y-o-y in 2022. Long-range forecasts suggest solar generation could climb even higher next month if the heat wave persists. Europe is forecast to add 60 GW of solar and wind capacity in 2023.
US electric vehicle maker Fisker announced it would enter India with the launch of Fisker Ocean Extreme Vigyan, a sports utility vehicle of which it will offer just 100 units. Deliveries will begin towards the end of September, the company said. The vehicle, estimated to cost ₹65 lakh, will be contract manufactured by Magna International at Austria and shipped to India. Fisker plans to produce its next EV, a smaller car named PEAR, in India in collaboration with Foxconn.