New Delhi: The fourth general assembly of the International Solar Alliance (ISA) has ended with a promise to achieve $1 trillion in solar investments globally by 2030. The event, held virtually on 18-21 October, was presided by Union Minister R.K. Singh, Minister for Power, New and Renewable Energy, and the President of the ISA Assembly.
The Alliance will mobilise $1 trillion in partnership with Bloomberg Philanthropies and ISA member countries. The two organisations will work with World Resources Institute (WRI) to develop a Solar Investment Action Agenda and Solar Investment Roadmap, which will be launched at COP26.
A total of 108 countries participated in the Assembly, including 74 member countries and 34 observer & prospective countries, 23 partner organisations, besides 33 Special Invitee Organisations. US Special Presidential Envoy for Climate John Kerry delivered the keynote address, and the European Commission Executive Vice President for the European Green Deal, Frans Timmermans, addressed the gathering on 20 October.
Delivering the presidential address, R.K. Singh said that ISA can enable energy access for 800 million people worldwide. He emphasised that it is time for developed countries to direct the energy transitions funds they had committed at previous climate conferences. They should also decide whether economic development should take place through clean energy, or by burning coal and firewood.
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Dr. Ajay Mathur, Director General of ISA, said, “Solar will catalyse the world’s transition to a lower-carbon economy, being the lowest cost and most economical solution for increasing power generation capacity in countries. It also has the potential to help lift no less than a billion people out of energy poverty, but only if adequate investments are mobilised and the right policy frameworks are erected. ISA targets US$1 trillion of investment in solar by 2030, which would be significant in bringing the world closer to energy transitions needed.”
John Kerry, said, “Solar energy is the most powerful tool that the world has in its toolkit to combat climate crisis. Building a solar powered economy won’t just slash carbon emissions, it’ll open enormous economic opportunities. The ISA is unique in its focus on spreading solar to emerging economies including small island states. So, I commend the tremendous work that every country here is doing as part of the International Solar Alliance. Solar energy is critical to our collective climate goals.”
Highlighting the important milestones achieved by the ISA since its launch in Paris in 2015, Frans Timmermans said, “Developing renewable energy will be the engine for our global recovery from the Covid crisis and to keep energy prices in check. It is fast becoming the most cost-effective option to generate electricity and address the needs of a rapidly growing population. Clean and efficient energy investments create new markets, offer new business opportunities and provide good numbers of local skilled jobs. It is more than climate action. Today it is simply smart business.”
During the assembly, two new programmes- Management of Solar PV panels & battery usage waste & Solar Hydrogen - were launched. The new Hydrogen initiative is aimed at enabling the use of solar electricity to produce hydrogen at a more affordable rate than what is available currently (USD 5 per KG), by bringing it down to USD 2 per KG.
