By Ananya Singh
The International Solar Alliance (ISA), initiated by India, kicked off on Wednesday, 6 December 2017 as the first treaty-based intergovernmental organisation headquartered in New Delhi. The ISA is an alliance of 121 countries that aims to increase solar energy deployment in member nations.
ISA plans to harness solar energy and utilise the same to fulfill electricity demands of member countries, so as to reduce carbon emissions. Through the launch of this international organisation in collaboration with France, India today leads the initiative to counter harmful effects of the global reliance on fossil fuels.
What is the International Solar Alliance?
International Solar Alliance is a global initiative co-founded by Prime Minister Narendra Modi and former French President François Hollande. It aims to guide all member countries in reducing carbon emissions and switching over to renewable energy sources. It was launched on 30 November 2015 during the UN Climate Conference, COP-21 in Paris.
The ISA is an alliance of 121 countries, out of which 19 nations have ratified and 46 others have signed the treaty. Countries part of the agreement are solar-rich nations with access to sunlight 300 days a year. The ISA headquarters will be situated in New Delhi, making it the first global intergovernmental initiative of its kind in India.
The initiative has received widespread support from international organisations such as Organisation of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA). Further, to aid the construction of required infrastructure, the World Bank plans to invest $1000 billion in the project.
Increasing the consumption of sustainable energy
International Solar Alliance has been set up with the aim of reducing the world’s dependence on fossil fuels by switching over to affordable and environmentally-friendly renewable energy. The extraction of fossil fuels and burning for consumption are major causes of carbon emissions and subsequently, environmental pollution. With urbanisation, consumption of fossil fuels, especially coal has skyrocketed.
According to a 2016 report by World Energy Council, coal covers 30% of global primary energy consumption. With an estimated investment of $1200 billion, the ISA plans to facilitate the addition of 1,000 GW of solar energy by 2030. To set an example for member countries to follow, India has identified 2022 as the deadline for installing 175 GW of renewable energy, with solar energy forming 100 GW of the targeted power installation.
Global tenders and risk mitigation as incentives for member nations
Under the ambit of the International Solar Alliance, three programs have been launched, that aim to scale up operations for agricultural use, increase affordability and availability of infrastructure in the form of solar mini-grids. Moreover, the ISA is developing a Common Risk Mitigation Mechanism (CRMM) for reducing the risks as well as the financial burden of solar energy projects in member nations. The proposed plan will encompass global tenders and cheap financing to accomplish its mission.
According to Upendra Tripathy, interim director general of ISA, the organisation aims to assemble low-cost financing worth $1 trillion for solar energy production by 2030. The International Solar Alliance secretariat expenses for the first five years will be met by India.
India has already allocated $2 billion for developing solar projects in Africa, out of the $10 billion concessional credit set aside for the region. France too has allocated soft loans worth 300 million for solar energy projects in member countries.
Need for international cooperation
Global warming and the risks associated with it make sustainable development the need of the hour. For the execution of a large-scale renewable energy project, international cooperation is a must. Only then can the required funds be consolidated to halt the continuing degradation of the environment. With global tenders and risk management, the ISA incentivises the member nations to invest in solar energy production.
For reducing costs, International Solar Alliance aims to establish a widespread market for renewable energy that transcends international borders. The organisation has amassed extensive support from global agencies. It continues its attempts to gain the favour of financial institutions so as to enable large-scale investment in solar energy production.
International cooperation is essential for large-scale initiatives of this kind. It allows for collaborative innovation in solar power generation and the ability to avoid dead-ends in production. It further serves to empower each member nation to fulfil their energy needs and also protect present and future generations from harmful carbon emissions.
Featured Image Source: Pixabay