2 Sustainable Development Goals in Context to BRICS Countries
17
for 25 years. Achieving these impressive targets, additional funding was required. In
this regard, Canara Bank came forward to finance renewable energy projects through
Canara Renewable Energy Financing Scheme. The objective of the scheme was
similar to that of the New Development Bank’s (NDB) to provide green financing
and increase the rate of renewable energy development. The loans provided for
the infrastructural development of the renewable energy sector by NDB would be
on-lent through Canara Bank to the renewable energy sub-projects that primarily
include solar, wind, biomass, geothermal, small hydropower, waste-to-energy, and
other projects. This will, in turn, mobilize long term financing to renewable energy
projects. Canara Renewable Energy Financing Scheme is estimated to have an overall
capacity of USD 500 million (New Development Bank 2019).
2.3 BRICS: Role of China
China’s target to reduce emission intensity by 60–65% over 2005 levels (News on
Renewable 2019) makes it even greater than any other country, according to the
IEEFA report. China has targeted increasing its solar capacity from 43 GW at the
end of 2015 to 127 GW by 2020, and wind capacity to 250 GW by 2020 from 145 GW
in 2015. Since the forecasting of China’s development of renewable energy is rather
high, the issue of financing the majority of the deal is also significantly important
which makes it unavoidable to turn to the NDB that is currently engaged in three big
energy ventures in China. China follows its age-old tradition of driving the agenda
forward, as the country edges closer to a more sustainable pattern of growth (Liu
et al. 2010). China’s desire for a significant rise in renewable energy in the energy
mix market makes China’s aim to increase the use of renewables to 15% of its energy
consumption by 2020. By 2020, China should be declared as a nation of 50 GW solar
powers as addressed by the National Energy Administration. In this context, roof-top
solar power technology was designed and supported by the Lingang Distributed Solar
Power Project. The project with the aid of the NDB has accelerated green financing
and promotes clean energy (New Development Bank 2019).
The prime objective of this project is to promote roof-top solar energy by incorporating solar photovoltaic power technology for the generation of electricity in
Shang-hai Lingang Industrial Area and reduce carbon emission. The project aims to
generate electricity through 100 MW roof-top solar photovoltaic powers by reducing
73,000 tons of carbon emission every year. The project also aids in saving the cost of
losses in potential transmission by importing energy from places outside Shanghai.
Subsequently, the project has been divided into many sub-projects to be implemented
within 3 years until the end of 2019. To prove the concept, an onsite 3 MW pilot
project has already been implemented successfully. The agreement has been made
and the state grid would procure the electricity generated from the roof-top by solar
photovoltaic power technology. The project aligns with the NDB’s focus to support
projects that aim at developing renewable energy sources. The project also estimates
to reduce carbon dioxide emissions by approximately 73,000 tons per year and NOx
17
for 25 years. Achieving these impressive targets, additional funding was required. In
this regard, Canara Bank came forward to finance renewable energy projects through
Canara Renewable Energy Financing Scheme. The objective of the scheme was
similar to that of the New Development Bank’s (NDB) to provide green financing
and increase the rate of renewable energy development. The loans provided for
the infrastructural development of the renewable energy sector by NDB would be
on-lent through Canara Bank to the renewable energy sub-projects that primarily
include solar, wind, biomass, geothermal, small hydropower, waste-to-energy, and
other projects. This will, in turn, mobilize long term financing to renewable energy
projects. Canara Renewable Energy Financing Scheme is estimated to have an overall
capacity of USD 500 million (New Development Bank 2019).
2.3 BRICS: Role of China
China’s target to reduce emission intensity by 60–65% over 2005 levels (News on
Renewable 2019) makes it even greater than any other country, according to the
IEEFA report. China has targeted increasing its solar capacity from 43 GW at the
end of 2015 to 127 GW by 2020, and wind capacity to 250 GW by 2020 from 145 GW
in 2015. Since the forecasting of China’s development of renewable energy is rather
high, the issue of financing the majority of the deal is also significantly important
which makes it unavoidable to turn to the NDB that is currently engaged in three big
energy ventures in China. China follows its age-old tradition of driving the agenda
forward, as the country edges closer to a more sustainable pattern of growth (Liu
et al. 2010). China’s desire for a significant rise in renewable energy in the energy
mix market makes China’s aim to increase the use of renewables to 15% of its energy
consumption by 2020. By 2020, China should be declared as a nation of 50 GW solar
powers as addressed by the National Energy Administration. In this context, roof-top
solar power technology was designed and supported by the Lingang Distributed Solar
Power Project. The project with the aid of the NDB has accelerated green financing
and promotes clean energy (New Development Bank 2019).
The prime objective of this project is to promote roof-top solar energy by incorporating solar photovoltaic power technology for the generation of electricity in
Shang-hai Lingang Industrial Area and reduce carbon emission. The project aims to
generate electricity through 100 MW roof-top solar photovoltaic powers by reducing
73,000 tons of carbon emission every year. The project also aids in saving the cost of
losses in potential transmission by importing energy from places outside Shanghai.
Subsequently, the project has been divided into many sub-projects to be implemented
within 3 years until the end of 2019. To prove the concept, an onsite 3 MW pilot
project has already been implemented successfully. The agreement has been made
and the state grid would procure the electricity generated from the roof-top by solar
photovoltaic power technology. The project aligns with the NDB’s focus to support
projects that aim at developing renewable energy sources. The project also estimates
to reduce carbon dioxide emissions by approximately 73,000 tons per year and NOx