International Solar Alliance Nears Prime Time

Image: ISA

A “curtain-raiser” event for the founding ceremony of the International Solar Alliance (ISA) took place in Bonn, Germany yesterday.

An initiative led by the governments of India and France, born on the sidelines of the UNFCCC Conference of Parties (CoP21) in Paris in 2015, the International Solar Alliance will be working towards a goal of more than 1,000 GW of new solar energy deployed in ISA countries by 2030.

The ambitious target will involve mobilising more than a trillion US dollars of investment. The Asian Development Bank (ADB) has agreed to explore financing of USD 500 million for programmes and the ISA has invited a number of financial institutions to participate in the creation of a global risk mitigation fund of USD 300 billion over ten years.

At yesterday’s event, Anand Kumar from India’s Ministry of New and Renewable Energy urged developed countries to set aside a percentage of Overseas Development Assistance (ODA) towards supporting solar projects in developing countries, and for financial institutions to provide “wholehearted support” for solar power.

The ISA is providing a platform for collaboration between countries rich in solar resources to further solar research, development and financing, plus will assist member countries in addressing barriers to solar uptake through a common agreed approach.

The ISA’s potential membership consists of 121 countries lying fully or partially between the Tropic of Cancer and the Tropic of Capricorn – which includes Australia.

In June this year, the Australian Government formally indicated its intention to join the ISA.

“In joining, Australia looks forward to collaborating with India, France and other members to play a leading role in the Solar Alliance,” stated a release from Minister for Foreign Affairs Julie Bishop’s office.

Currently, ISA’s development programs include facilitating affordable solar finance, scaling up solar power applications for agriculture in a dozen countries and promoting solar mini-grids. Another program in the pipeline will seek to accelerate the uptake of off-grid and grid-connected rooftop solar.

To date, 44 countries (including Australia) have signed the ISA Framework Agreement (PDF) that comes into force on December 6; with the official founding ceremony to occur soon after.

The agreement recognises that solar power presents “an unprecedented opportunity to bring prosperity, energy security and sustainable development” to member countries.