Schneider Electric and Platinum Electrical Engineering partnered to deploy the EcoStruxure Automation Expert solution for Brilliant Planet's low-cost algal carbon capture program. Brilliant Planet uses algae as an affordable and scalable method to sequester carbon on a gigaton scale. By growing microalgae in open pond systems, they can capture 30 times more carbon than forests. The EcoStruxure Automation Expert system is based on the IEC 61499 standard for easy integration with third-party equipment and seamless scalability across Brilliant Planet's global sites. This standardized application simplifies troubleshooting and adapts the process to the customer's specific needs, providing a complete, customized, scalable system.
India's Ministry of New and Renewable Energy (MNRE) is developing a multi-pronged strategy to support its renewable energy industry. The government is also looking at energy storage, offshore wind and green hydrogen. The government has introduced a production-linked incentive (PLI) scheme and battery storage VGF regulations, while also focusing on offshore wind, which has the potential to meet energy commitments. Green hydrogen will play a vital role in India's energy transition, which plays an important role in the global landscape due to supporting infrastructure development and synergies.
U.S. Treasury Secretary Yellen announced that the U.S. is working with India to develop an investment platform to reduce capital costs and increase private investment in India's energy transition. The two countries have been cooperating on economic issues, including commercial and technological cooperation and supply chain strengthening. Yellen's visit to India, her third to the country this year, underscores the growing relationship between the two countries. The two countries are also close to reaching an agreement on a global minimum tax regime.
Japanese Prime Minister Fumio Kishida is on a Gulf tour in the United Arab Emirates, focusing on energy supply and green technology. He will meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan and attend the UAE-Japan Business Forum in Abu Dhabi. Kishida will also visit Qatar, a major gas producer, to boost Japan's energy production and push Japan towards its goal of carbon neutrality by 2050. Japan imports 25% of its crude oil from the UAE, making it the world's largest importer of oil and gas products.
Wind and solar projects are expected to account for more than one-third of global electricity by 2030, the Rocky Mountain Institute (RMI) reports, demonstrating the energy sector's ability to meet global climate goals. The report predicts that wind and solar projects will generate at least 33 percent of the world's electricity, reducing fossil fuel generation and promoting cheaper electricity. Benefiting from the rapid deployment of renewable energy and long-term energy price deflation, the cost of solar power is expected to drop to $20 per megawatt-hour.
India is expected to borrow Rs 2,000-2,200 crore via sovereign green bonds this fiscal, up from Rs 16,000 crore in 2022-23. Half of the proceeds will go to rail, renewable energy, housing, urban affairs, and environmental and climate change projects. The Ministry of Finance's 2023-24 spending plan allocates Rs 23,764 crore for green projects and increases spending to ensure green bond proceeds are fully utilized. Green bonds will form part of the central government's market lending program in the second half of this financial year.