ISA confirms plans for $1 trillion of investments into solar

The Indian Power, Coal and Renewable Energy Minister Piyush Goyal and French Minister of Environment, Energy and the Sea Segolene Royal confirmed the plans to mobilize more than US $1 trillion of investments into solar energy projects by 2030 under the International Solar Alliance (ISA) initiative.

The ISA’s side event, which was held on Friday at the UN headquarters in New York, gathered ministers and representatives from more than 25 countries including Bangladesh, Brazil, Ethiopia, Namibia, Uganda, Nigeria, Peru, Djibouti, Surinam, Zambia, Bolivia, Seychelles, Sri Lanka, Mali, India, USA and France.

At the event, ISA has announced its first two initiatives – “Affordable finance at scale” and “Scaling solar applications for agricultural use”. According to the Indian Energy minister Piyush Goyal, these programs will serve the interests of the farming communities in the ISA member countries and ensure sufficient flow of affordable finance for solar projects.

“We are working towards a shared vision and goal to take the solar initiative forward not just because it is about clean and renewable energy helping us address the concerns of climate change but also because it is about energy security and it is about our response to probably the world’s largest challenge that humanity has ever faced,” Goyal said at the event.

He added that the realization of the new initiatives would be further reviewed at the ISA’s Founding Conference, which will soon take place in New Delhi.

ISA initiative was launched at the UN Climate Change Conference in Paris in November last year. 121 solar-rich countries, mostly located in the tropics, have joined the alliance, pledging to work together on ensuring sustained investment and innovation in solar PV technology and markets.

According to the original ISA declaration released in November 2015, member countries “intend making joint efforts through innovative policies, projects, programs, capacity building measures and financial instruments to mobilize more than US $1000 billion of investments that are needed by 2030 for the massive deployment of affordable solar energy”.