India’s global initiative, the International Solar Alliance (ISA) that aims at increasing solar energy deployment in member countries, came into legal, independent existence Wednesday. It is the first treaty-based international intergovernmental organisation to be based out of India.
So far, 19 countries are part of the compact — Bangladesh, Comoros, Fiji, France, Ghana, Guinea, India, Mali, Mauritius, Nauru, Niger, Seychelles, Somalia, South Sudan, Tuvalu, Australia, Cuba, Malawi and Peru. The ISA, also sees itself as on a mission to mobilise more than $1000 billion in investments needed by 2030 for “massive deployment” of solar energy, pave the way for future technologies adapted to the needs of moving to a fossil-free future and keep global temperatures from rising above 2C by the end of the century. India has committed itself to having 175,000 MW of renewed energy in the grid by 2022.
As part of the agreement, India will contribute $27 million (₹175.5 crore approx) to the ISA for creating corpus, building infrastructure and recurring expenditure over five years from 2016-17 to 2020-21. In addition, public sector undertakings of the Government of India, Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA), have made a contribution of $1 million (₹6.5 crore) each for creating the ISA corpus fund.
The ISA is an Indian initiative, jointly launched by PM Narendra Modi and the president of France on 30th November 2015 in Paris, on the sidelines of COP-21, the UN climate conference. Read More