Relevance:
International Solar Alliance (ISA) approves funding facility (‘Solar Facility’) in its General Assembly meeting.
About Solar Facility:
- It is a payment guarantee mechanism expected to stimulate investments into solar projects.
- Chief Objective — To attract private capital to flow into “underserved markets” in Africa.
- 2 financial components:
- Solar Payment Guarantee Fund: It will provide a partial guarantee.
- Solar Insurance Fund: It will reduce the burden of insurance premium for solar developers in pre-revenue phase of project.
About ISA:
- Joint effort by: India and France
- Conceptualized on the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris in 2015.
- Aim – To mobilize efforts against climate change through deployment of solar energy solutions.
- ISA assembly: Apex decision-making body of the 110-members.
- It is open for all member states of the UN (After amendment on 2020).
- Guided by its ‘Towards 1000’ strategy
- Aims to mobilise USD 1,000 billion of investments in solar energy solutions by 2030.
- Delivering energy access to 1,000 million people using clean energy solutions.
- Installation of 1,000 GW of solar energy capacity.
- Help mitigate global solar emissions to the tune of 1,000 million tonnes of CO2 every year.
Read about Green Grids Initiative – One Sun, One World, One Grid.
Reference: The Hindu
