The International Solar Alliance (IAS), which became a treaty-based global entity on Wednesday, will develop an insurance scheme – Common Risk Mitigating Mechanism – to protect investors’ interests so that more and more investment can be attracted to the growing solar energy sector.
The Alliance has set up an international expert group to work on blue print of the mechanism which is expected to be rolled out by December next year.
It is expected that the mechanism will help diversify and pool risks to unlock huge investment in the sector which may need more than $ 1,000 billion to create solar energy capacity of 1,000 GW globally by 2030.
Speaking about the move, the interim director general of the ISA, Upendra Tripathy, said, “We are planning to create risk mitigation mechanism which is a sort of insurance scheme so that more and more money can come to the solar sector”. Read More…