NITI Aayog's ASSET Platform - What Is It? All You Need To Know

New Delhi: NITI Aayog has recently collaborated with the Ministry of Power and the Ministry of New and Renewable Energy (MNRE) to launch the ASSET platform under the Accelerating Sustainable State Energy Transition (ASSET) Initiative.

What Is ASSET Initiative About?

The ASSET Initiative is focused on accelerating India's green energy transition by creating energy transition blueprints. This platform plays a key role in project implementation while "preparing a pipeline of bankable projects, showcasing best practices across states as well as upcoming technology and innovations in critical sectors like BESS, Green Hydrogen, Energy efficiency, e-mobility, offshore wind, etc.," the NITI Aayog announced on Wednesday.

The initiative is also in line with Prime Minister Narendra Modi's Viksit Bharat Vision for 2047 as well as achieving Net-zero by 2070.

To fulfil these aspirations states need to develop and implement energy transition plans aligning with overall national goals.

Financial Challenges & Solutions

Albeit there are financial challenges that the government will face in the process of expansion of renewable energy, the NITI Aayog has called for innovative funding mechanisms to sustain renewable energy growth within private-sector-driven models, said Suman Bery, Vice Chairperson of NITI Aayog at an event hosted in the national capital, earlier on Monday.

The ASSET Initiative, through cooperative federalism, will also help in providing states with the tools to develop viable, comprehensive green transition plans aligned with national goals, said BVR Subrahmanyam, Chief Executive Officer of NITI Aayog.

To meet Prime Minister Narendra Modi's Net-zero goals by 2070, India needs to transition away from using fossil fuels as its primary source of energy and the ASSET platform under the ASSET Initiative is a means for the Indian government to achieve the same.