International Solar Alliance Increases Funding Support at Sixth Assembly Meeting
International Solar Alliance (ISA) aims to make solar energy the preferred energy source, said Union Minister R K Singh at ISA’s sixth assembly meeting in New Delhi on Tuesday
The Assembly, attended by ministers from 20 countries and delegates from 116 member and signatory countries, discussed vital initiatives to promote renewable energy and address climate change challenges.
Speaking at the Assembly, Raj Kumar Singh, Minister of Power and Renewable Energy, highlighted the importance of renewable energy, stating that, “ISA aims to make solar energy the preferred energy source”. The Assembly announced a significant increase in the Viability Gap Funding (VGF) for renewable projects, raising it to 35 per cent of the project cost, depending on each country’s capacity and needs.
Co-President of the Assembly, H.E. Chrysoula Zacharopoulou, France’s Minister of State for Development, emphasised France’s commitment to clean energy and the importance of the ISA in combating climate change.
“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. Last year, we provided over 7.5 billion Euros in climate finance to our partners”, Zacharopoulou said.
“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. This is the founding principle of all our international partnerships: to be based on national agendas and priorities”, she added.
Ajay Mathur, Director General of ISA, stressed the urgency of accelerating solar energy adoption, especially in developing countries. He highlighted ISA’s efforts to facilitate solar applications and promote capacity building in 55 developing countries, including Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
As per Mathur, capacity building and regulatory adjustments play a crucial role in advancing solar energy adoption. The ISA has been instrumental in facilitating the development of over 9.5 GW of solar applications in 55 developing countries, including Least Developed Countries (LDCs) and Small Island Developing States (SIDS). Additionally, the organization has provided training to nearly 4,000 individuals in the developing world to support livelihoods in the solar energy sector. “We are working on developing STAR Centres in countries which will be a hub of technology, knowledge, and expertise on solar energy. In addition, ISA is enabling solar mini-grids to provide universal energy access, especially where grid extension is too expensive. Guarantees help in crowding in private sector investment, and ISA has developed such a mechanism to provide guarantees through its Global Solar Facility to its member countries in Africa”, stated Mathur.
The ISA’s mission is to unlock USD 1 trillion in solar investments by 2030 and promote the use of solar energy in various sectors, contributing to a carbon-neutral future. The organization collaborates with governments and international institutions to achieve these goals.
