Gurgaon headquarters for ISA

The International Solar Alliance (ISA) will use US$2 billion of its US$10 billion credit line to set up renewable energy in African countries, as bulk of its members comes from that continent.

To be headquartered in Gurgaon, on the suburb of Delhi, the ISA’s target is to raise US$1 trillion for creating 1,000 GW of solar power capacity by 2030.

The ISA, a Prime Minister Narendra Modi moosted global initiative since 2015, has grown to 62 members, 32 of whom have ratified its framework agreement to manage climate change globally.

Modi and French President Emmanuel Macron co-chaired the ISA founding conference in the presence of heads of state of 23 countries and ministerial representatives from 10 other nations in New Delhi on 11 March 2018.

The “Delhi Solar Agenda” was adopted to increase the share of cost-effective solar power in global energy basket, and mitigate climate change, an environmental challenge caused largely by burning of fossil fuels by industrial consumers such as transportation, power generating plants and factories.

Modi has called for innovation and cheaper solar technology for all nations as well as consultancy support in preparing bankable solar projects.

“The difference between what we do and what we are capable of doing would suffice to solve most of the world’s problems,” said Modi.

Addressing ISA as co-chair, Macron noted: “We know the hurdles… (such as ) financial hurdles, regulations, capacity building.”

But he assured of governmental supports for solar energy and called on private and public sectors as well as civic societies to join in,  stressing “It is common good and it is for the development of all countries.” fii-news.com