International Solar Alliance To Cover 35% Viability Gaps In Renewable Energy Projects: RK Singh

The International Solar Alliance (ISA) is contemplating the idea of raising the viability gap funding for renewable projects to 35 per cent, Union Power Minister RK Singh said on Tuesday at the sixth session of the International Solar Alliance (ISA) assembly in New Delhi.

The ISA gives member countries 10 per cent of the project cost for a designated Renewable Energy (RE) project under the Viability Gap Funding (VGF). Singh stated that funding for projects in developing nations is available through the ISA's VGF programme.

"Today we (member countries), all the ministers together decided that we will increase the viability gap funding from 10 per cent to 35 per cent," he said.

The minister added that the move will enable more investments in the solar industry.

the power minister mentioned that renewable energy sources might provide up to 90 per cent of the world's electricity by 2050 and as much as 65 per cent by 2030.

Singh, who is also president of ISA further highlighted the pressing need for a switch to renewable energy.

Singh extended an invitation to all participating nations, ISA partner organisations and other institutions to collaborate with ISA in order to position it as a driving force behind revolutionary transformation.

"Our vision in mind when the ISA came into being was to create a sustainable world through the adoption of solar energy solutions," he stated.

According to reports, about 733 million people worldwide lack access to power, according to the ISA president, and it is the organisation's goal to make sure they have access to sustainable energy.

"We have a mission to ensure access to these people using renewable energy. In renewable energy, solar has the most potential as it can sustain for longer period of time," he further added.

Meanwhile, ministers from 20 countries, delegates from 116 member and signatory countries and 18 prospective nations joined the inaugural ceremony of the sixth ISA assembly.