With Aim To Derisk Climate Finance ISA Prez Says, “Tripling Renewable Energy My Key Priority” Ministers from 20 countries and delegates from across 116 Member and Signatory countries participated in the Assembly.
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New Delhi: The goal to triple the renewable energy capacity will be aspirational and based on national circumstances, union power and renewable energy minister, RK Singh said on Tuesday on the sidelines of International Solar Alliance’s (ISA) sixth assembly.
Financing is the key theme at the sixth meeting of ISA’s Assembly with Power minister R K Singh, who is also President of the ISA Assembly, underscoring the need to deepen financial linkages, which becomes pertinent as around 733 million people have no access to electricity.
While addressing the media, Mr. Singh further said, “We discussed the tripling of renewable energy capacity goal in our G20 energy ministers meeting. We decided that this will be aspirational. Different countries have different national circumstances and every country is carrying out energy transition as per their national circumstances so this target when we discussed in the G20, we decided it should be aspirational.”
"Around 80 percent of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people. #RenewableEnergy sources have the potential to supply 65 percent of the world's total electricity by 2030 and decarbonise 90 percent of… pic.twitter.com/8sXa6RC2lA
— Dr. Shahid Siddiqui (@shahidsiddiqui) October 31, 2023
Speaking on the occasion, Mr. Raj Kumar Singh said: “Around 80 percent of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people. Renewable energy sources have the potential to supply 65 percent of the world’s total electricity by 2030 and decarbonise 90 percent of the power sector by 2050. The International Solar Alliance is steadfast in its commitment to Member Countries to make solar as the energy source of choice, foster environments conducive to attracting investments and ensuring ample energy availability to meet the surging global demands. Towards this, ISA through its Viability Gap Funding (VGF) mechanism provides a grant of USD 150,000 or 10% of the project cost (whichever is lower), per country per project. The Assembly decided to increase the range to 35% of the project cost, depending on the capacity and needs of the countries and their respective projects.”
Ministers from 20 countries and delegates from across 116 Member and Signatory countries participated in the Assembly.
The Co-President of the Assembly, Ms Chrysoula Zacharopoulou, France’s Minister of State for Development, Francophonie and International Partnerships said: “For France, the ISA is a key initiative to promote the development of clean energy and thus combat climate disruptions. It is playing its full part in this great project, with constant and growing support for our Alliance. Through the French Development Agency (AFD), we’ve financed over 1.5 billion euros worth of solar projects since 2016. France is taking action and we are determined to accelerate.”
“In a changing geopolitical situation, it’s important to focus on #SOLAR energy to provide energy access to each and every one”, says Co- President, French Minsiter of Energy at 6th session of #International #SOLAR Alliance. @isolaralliance @AFD_France @FranceinIndia @AfricaWnn… pic.twitter.com/cxMZVVEYfq
— Dr. Shahid Siddiqui (@shahidsiddiqui) October 31, 2023
ALSO WATCH👉🏻: Malawi Minsiter of Energy
While addressing the media, Ms Chrysoula Zacharopoulou also highlighted the issues of African countries.
She said, “Last year, we provided over 7.5 billion euros in climate finance to our partners. These are not mere figures, but concrete projects, such as the construction of the Onigbolo solar power plant in Benin, which we completed this year, bringing 25 megawatts of clean energy to the people of Benin. We also support our partners in formulating and financing their fair energy transition plans. I sincerely believe that this Alliance has the capacity to provide solutions to one of the great challenges of our time, despite the fractures in the world.”
ISA is facilitating over 9.5 GW of solar applications in 55 developing countries, including LDCs and SIDS, and have already provided training to nearly 4000 people across the developing world on ways to make a living out of supporting solar energy.
“We urgently need to accelerate the build-up of solar energy, especially in developing countries. ISA has developed such a mechanism to provide guarantees through its Global Solar Facility to its member countries in Africa. We are also enabling entrepreneurs in these countries who can, with help, become major suppliers of solar energy across countries and regions”, Dr Ajay Mathur, Director General of International Solar Alliance, said.
The International Solar Alliance is an international organisation with 116 Member and Signatory countries. It works with governments to ease solar deployment and promote solar power as a sustainable transition to a carbon-neutral future.
–Dr. M Shahid Siddiqui (PhD), Follow via X (Twitter) @shahidsiddiqui
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