In News:

The Global Energy Alliance for People and Planet (GEAPP) signed a Multi-Donor Trust Fund (MDTF) agreement with the International Solar Alliance (ISA) to mobilize $100 million for funding high-impact solar energy projects. This collaboration is part of a wider effort to accelerate India's clean energy transition, bridge financing gaps, and enhance the country's energy systems. Along with this agreement, two other key initiatives were announced:

• DUET (Digitalization of Utilities for Energy Transition)
• ENTICE 2.0 (Energy Transitions Innovation Challenge)

These programs aim to address energy transition challenges by fostering scalable, cost-efficient solutions, digitalizing utilities, and supporting innovations for sustainable energy.

Key Features:

• Multi-Donor Trust Fund (MDTF):
  • The MDTF aims to raise and deploy $100 million to finance impactful solar energy projects, with ISA driving the strategic direction.
  • GEAPP’s Project Management Unit will provide governance, fundraising, and technical expertise to ensure project success.
  • The collaboration emphasizes the importance of solar energy in achieving India's clean energy goals.
• DUET (Digitalization of Utilities for Energy Transition):
  • Focuses on transforming grid systems by digitalizing grid assets and integrating them with smart sensors.
  • Real-time data will help reduce transmission losses and facilitate Battery Energy Storage Systems (BESS) deployment, assisting in the integration of Distributed Renewable Energy (DRE) into the grid.
• ENTICE 2.0 (Energy Transitions Innovation Challenge):
  • A platform for identifying and scaling innovative solutions to accelerate the clean energy transition, especially within India's growing startup ecosystem.
  • Focuses on supporting investable opportunities for energy transition solutions, building on the earlier success of ENTICE 1.0.

Global Impact of GEAPP:

GEAPP, launched with an initial commitment of $464 million, has already funded 130 projects across 40 countries. These projects have impacted over 50 million people, helping reduce 43 million tons of CO2 emissions. The collaboration with ISA is expected to deepen GEAPP's efforts in mobilizing capital to foster clean energy access and tackle climate change.

India’s Clean Energy Transition:

India has already extended electricity access to over 800 million people, but about 2.5% of households still remain unelectrified. Distributed renewable energy, especially solar energy, will play a pivotal role in reaching these underserved populations. India aims for 47 GW of battery energy storage systems by 2032, which will support grid stability and energy access.

Additional Initiatives and Impact:

• Battery Energy Storage Systems (BESS):
  • GEAPP has also supported India’s first commercial standalone BESS project, which will provide 24/7 power to over 12,000 low-income customers.
  • The project is set to lower electricity tariffs by 55%, benefiting economically disadvantaged communities.
• Strategic Alliances:
  • The partnership with ISA and the strategic initiatives like DUET and ENTICE 2.0 aim to further India’s climate and energy goals, bringing renewable energy solutions to underserved regions, and supporting the country's energy security.

Role of GEAPP and ISA:

• GEAPP works to mobilize financing, provide technical expertise, and ensure effective implementation of renewable energy projects globally.
• ISA focuses on solar energy solutions, and with this agreement, it seeks to enhance the solar energy capacity in its member countries, aligning with climate targets.

About GEAPP:

GEAPP is a multi-stakeholder alliance comprising governments, philanthropy, technology partners, and financial institutions. Its goal is to transition developing economies to clean energy while enhancing economic growth. It aims to:

• Reduce 4 gigatons of carbon emissions.
• Provide clean energy access to 1 billion people.
• Create 150 million new jobs globally.