Latest news with #DamilolaOgunbiyi
Time of India
13 hours ago
- Business
- Time of India
NTPC signs pact with SEforALL to develop clean energy transition roadmap
New Delhi: India's largest power utility NTPC has signed an agreement with Sustainable Energy for All (SEforALL) to develop a comprehensive clean energy transition roadmap aligned with India's net-zero target by 2070. The roadmap will include modelling of multiple scenarios reflecting NTPC's short-, mid-, and long-term strategic horizons, estimating investment needs, identifying diversification opportunities, and mapping the socio-economic impacts of shifting to cleaner energy systems. According to NTPC, the collaboration will support the company's broader energy strategy which includes research and deployment of green hydrogen pilot projects, floating solar photovoltaic systems, battery energy storage systems, pumped storage hydropower, and carbon capture and utilization. Established in 1975, NTPC has committed to installing 60 GW of renewable energy capacity by 2032. The company currently contributes around 25 per cent of India's electricity generation. It has an additional 32 GW under construction, including 13 GW of renewable energy capacity. In 2021, NTPC became the first major utility in India to sign a UN Energy Compact with defined renewable energy targets. The company has expanded into solar, wind, and hydro, in addition to its existing thermal power portfolio. 'Our aim is to foster responsible, sustainable economic development through an energy strategy that champions energy security, social inclusiveness, environmental stewardship, and growth powered by data, technology, and innovation. This agreement positions us to meet the rising demand from communities and industry while keeping us at the leading edge of the energy transition,' said Gurdeep Singh , Chairman and Managing Director, NTPC. 'India continues to show climate leadership on the global stage moving beyond commitment to concrete actions while demonstrating that the energy transition in emerging countries can co-exist alongside economic development. We are excited to support NTPC to co-create net zero roadmap for the energy giant of India. I laud NTPC for its commitment to transitioning to cleaner energy sources,' said Damilola Ogunbiyi , CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All. SEforALL will work closely with NTPC to align the company's energy transition roadmap with India's energy security priorities and development agenda, including the country's goal to reach 500 GW of non-fossil fuel capacity by 2030.
Mint
a day ago
- Business
- Mint
NTPC ties up with SEforALL for energy transition roadmap
New Delhi: The state-run National Thermal Power Corporation (NTPC) Ltd has signed an agreement with Sustainable Energy for All (SEforALL) to develop its energy transition roadmap. A joint statement said that under the agreement, SEforALL will support the development of NTPC's comprehensive energy transition roadmap aligning with country's energy security, development priorities and net-zero commitments. Sustainable Energy for All (SEforALL) is an international organization working in partnership with the UN, governments, the private sector, financial institutions and civil society with a goal to drive towards the achievement of Sustainable Development Goal 7, which calls for universal access to sustainable energy by 2030. Also read: Search for NTPC CMD to continue as PESB fails to find suitable candidate The roadmap will include modelling of multiple scenarios reflecting NTPC's short-, mid- and long-term strategic horizons, estimating investments needs, identifying diversification opportunities and the socio-economic benefits that come with shifting to cleaner energy systems. 'Targeting emissions reductions in the energy sector, India's largest power company, NTPC, signed an agreement with Sustainable Energy for All (SEforALL) to support their transition to clean energy," the statement said. NTPC is already present in the energy transition space including, through its green energy subsidiary NTPC Green Energy Ltd (NGEL). It is present in R&D and large-scale deployments of green hydrogen pilot projects, floating solar photovoltaic systems, battery energy storage systems, pumped storage hydropower and carbon capture and utilization. Also read: ONGC-led JV resumes production from 'PY-3' offshore field in Cauvery basin Through NGEL, NTPC plans to install 60 GW of renewable energy capacity by 2032. 'Our aim is to foster responsible, sustainable economic development through an energy strategy that champions energy security, social inclusiveness, environmental stewardship, and growth powered by data, technology and innovation. This agreement positions us to meet the rising demand from communities and industry while keeping us at the leading edge of the energy transition," Gurdeep Singh, Chairman and Managing Director, NTPC. Damilola Ogunbiyi, chief executive officer (CEO) and Special Representative of the UN Secretary-General for Sustainable Energy for All, said India continues to show climate leadership on the global stage moving beyond commitment to concrete actions while demonstrating that the energy transition in emerging countries can co-exist alongside economic development. Also read: NMDC eyes ₹70,000 crore worth of projects 'We are excited to support NTPC to co-create net zero roadmap for the energy giant of India. I laud NTPC for its commitment to transitioning to cleaner energy sources," the CEO said.
Bloomberg
03-03-2025
- Business
- Bloomberg
Nigerian Distributed Renewable Energy Fund Targets $500 Million
Nigeria and a United Nations agency have set a $500 million target for a fund to finance the roll out of so-called distributed renewable energy, such as solar home systems and mini-grids. The fund backed by the Nigerian Sovereign Investment Authority and the UN's Sustainable Energy For All organization, known as SEforALL, will be managed by Africa50, an infrastructure investor established by the African Development Bank. Nigerian pension funds will also invest, according to Damilola Ogunbiyi, SEforALL's chief executive officer.
Yahoo
27-02-2025
- Business
- Yahoo
Development Institutions Prepare for ‘a World Without the US'
(Bloomberg) -- The Trump administration's suspension of large parts of the US aid budget and its exit from global climate and health pacts has thrown the world's development finance institutions into disarray — now they're preparing to press ahead without the world's biggest economy. The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases The US government and its branches have been largely absent from the Finance in Common Summit, an annual gathering of public development banks with $23 trillion in assets known as FICS that this year took place alongside a meeting of the finance ministers of the Group of 20 large economies in Cape Town. That comes as the country's secretaries of State and Treasury skipped the G-20 gatherings this month in South Africa amid a broader withdrawal of US global leadership. 'Everyone has to plan for a world without the US,' said Damilola Ogunbiyi, chief executive of the United Nations' Sustainable Energy for All institute, which promotes energy access, in an interview in Cape Town on Thursday. 'The world is not just the US.' Since taking office on Jan. 20, President Donald Trump has dismantled the United States Agency for International Development, which has a $40 billion annual budget. That, among other impacts, has disrupted life-saving HIV/Aids treatment programs in countries from Nigeria to South Africa and ended an energy access program in Africa that was set up by former US President Barack Obama. His attack on renewable energy and climate programs, and appointment of a vaccine skeptic as health secretary, have sown uncertainty in the development finance world as to whether the US will honor funding commitments it's already made or provide money for climate, health and humanitarian initiatives in the future. Trump's actions come at the same time that many wealthy European nations are slashing their aid budgets, including major donors like the UK, France and the Netherlands. 'Everything is up in the air,' Rémy Rioux, CEO of Agence Française de Développement and current chairman of FICS, said in an interview. 'There's a huge gap that I think I don't see anybody completely filling.' Still, 'in these times multilateralism has to reinvent and to deepen,' he added. 'We want to stick to the sustainable and inclusive development agenda.' China's Opportunity Washington's absence also creates an opportunity for its geopolitical rivals to build influence. 'We at the Asian Infrastructure Development Bank are based in Beijing but our heart goes to all the people in the world,' Jin Liqun, the AIIB's chairman, said at a press conference at FICS. 'Free trade and cross-border investment is important. People will quickly find that by shutting yourself off from the rest of the world you will suffer.' In a draft final communique the FICS group said it represents 536 public development finance institutions and public development banks and stressed that the conference had attracted a record 2,500 delegates. 'Everyone here is willing to cooperate on the global challenges — climate change, biodiversity, health, creation of jobs, reduction of inequalities,' said Audrey Rojkoff, the AFD's regional director for Southern Africa. Even if the US is unwilling, 'the others are cooperating,' she added. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P.
