Asserting that NTPC is progressing well on its path to become an integrated energy company, the public sector giant’s Chairman and Managing Director Gurdeep Singh on Wednesday said it is time to think about new clean energy solutions including for cooking and cooling purposes.
Speaking at a session on ‘Accelerating Clean Energy Transitions’ during the World Economic Forum’s week-long online Davos Agenda Summit, Singh said, ”We are the largest company in our sector. But we are trying to become an integrated energy company rather than only remain a coal-based power company.” The company has set an ambitious target for non-fossil fuel-based capacity to reach 30 per cent of the total installed capacity by 2032.
During the session, where panellists discussed what policies, practices and partnerships are needed to scale up clean energy investments in emerging economies, Singh said a lot of credit goes to the government in India for setting up targets and identifying other areas of work for a well-planned transition to clean energy.
”We are just trying to complete the targets… and it will involve expenses and investments which no country would have seen in the history. This will require all kinds of input, all kinds of works that has to be done on the ground, on the policy front and also importantly … on financial instruments which can come,” he said.
”There are a lot of companies that are coming,” he added.
With regard to renewable energy, Singh said the capital cost is being brought down by technology and a lot of capital is waiting to be deployed.
”I can assure you that we have all the necessary ingredients and policy framework in place with long-term transparency. We are ready to work out all necessary details with financial institutions that can help the sector in the long run,” he said.
”We are going to add at least 30 GW of clean energy and we are not only looking at power because this cannot only be solar energy. When we talk about use in transport systems or for heating purposes in the western part of the world, it can be used for cooling purposes in our part of the world. We need to understand the requirements of citizens for the energy and provide the energy that is clean,” he said.
Singh further said his team is looking at various areas for exploring solar energy in a big way, including for cooking and cooling purposes.
He also said the time has come to invest in green hydrogen and green ammonia.