Global energy economy is going through a transition phase where renewables are grounding their position in the fuel market. With increasing global fuel demands and depleting store houses of fuel, government has started adopting the initiatives and planned procedures are going to blend the renewables in existing economy.
Ministry of New and Renewable Energy (MNRE) has initiated talks regarding bonding of commercial cooperation ties up with developed and developing nations in the form of “Green Energy Corridor”. In this direction, international agreement has been solidified with two LNG majors ; USA and Germany. The cooperation is envisaged with a perception to firm commercial cooperation for indigenous services.
India has been an active contributor in the “Green Energy Corridor” considerations. The three major India’s energy corridors have been set up are with Germany, U.S. and Europe. Under Germany-India dialogue, German financial institution is projected to provide 1billion euro loan amount. Similar agreement with U.S. entails MoU for encouraging PEACE (promoting energy access through clean energy). Also, Europe is helping India in harnessing its wind energy potentials to their maximal through off shore wind farms in Chennai.
Indian Government is Speer heading the “Green Energy Corridor” advancements in the direction to ensure the proper development and cinch a bright energy secure future for the nation.