International Solar Alliance Eyes 1 Trillion Dollar Investment By 2030, Urges Private Sector To Step In
New Delhi today hosted the founding conference of ISA (International Solar Alliance) in the presence of the Indian PM Narendra Modi and French President Emmanuel Macron. The world witnessed a history in making.
With the formal launch of the project, India has plans to generate 1000, GW of solar energy and raise 1 trillion dollars by 2030. The leaders have urged the private sector to join hands on the project to make it a success.
“We have to identify the needs of our member countries. We now need a new private sector deal to mobilize the project. We need private investors to reach our target by 2030. We are now creating a momentum and will yield concrete results,” said Macron.
“We have started world’s largest solar power programme in India. With this we will generate 175 gw of energy by 2022 out of which 100 gw will be by Solar Power,” PM Modi said.
President of Rawanda, also stressed on the need of public-private partnership in the endeavours to promote solar energy.
At present, India does not have enough solar power capacity. As per a report from Mercom India, India crossed just over 20 gigawatts of solar energy production in January. Major requirements of the country’s energy needs are fulfilled by coal (about 60 per cent). Renewable energy only contributes 18 per cent of India’s energy demands. While the rest comes from nuclear, biomass and other sources.
In a major development yesterday the ISA signed a joint cooperation with International Energy Agency (IEA) to deepen co-operation in the field of renewable energy.
The ISA has also inked joint financial partnership declarations with the African Development Bank (AFDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Green limited Bank (GCF), and the new development (NDB).
PM Modi has also announced the launching of a Solar Technology Mission in India. The Mission will address all issues related to research and development on solar energy matters. Modi also shared his 10 points of action to deal with the threat of climate change vis-a-vis making solar energy a true catalyst for the future roadmap.
This has put the two countries in the spotlight for emerging as major power players for harnessing Solar energy in the Indian Ocean region. It is also likely to give India its own identity in this space rather than just being an exporter of Chinese photovoltaic cells.
