Renewable energy (RE) is fast becoming instrumental in addressing climate change issues and assist in providing energy security, economic growth, and environmental sustainability for all countries across the globe. Over the last decade, use of renewable sources of energy has increased globally. Around 138.5 GW of RE capacity was added globally in 2016 of which more than 50% was contributed by solar power (75 GW).
The Government of India also announced a long-term ambitious goal of 175 GW of RE by 2022 to meet its Nationally Determined Commitments (NDC’s) for combating climate change. Of the 175 GW target, solar energy sector has maximum share of 100 GW. During the last two years, India has seen tremendous growth in this sector due to its favourable policy environment for the promotion of solar energy in the country.
Globally, solar energy deployment is expected to get boost with the launch of International Solar Alliance (ISA) as part of the COP 21 held at the UN Climate Conference in Paris on 30th November 2015. The alliance was launched for more than 120 solar rich countries lying fully or partially between Tropic of Cancer and Tropic of Capricorn. On 6th December 2017, ISA became a treaty-based international intergovernmental organization and as on date 46 countries have signed and 19 countries have ratified the Framework Agreement of ISA.
The main objectives of ISA is to reduce the cost of solar technology and cost of finance for solar technologies, mobilize investments, and set up common mechanisms and instruments for massive deployment of solar energy.
ISA and the National Focal Points (NFP’s) of the signatory countries have already initiated preparation of the National Solar Energy Roadmaps for respective countries and first drafts have been shared with the respective Governments. These solar energy roadmaps will help ISA to align its activities as per the respective country requirement.
Further to this, recently, the Government of India has announced solar development fund for financing of solar projects in the solar rich countries across the globe. Corporates, financial institutions and industries have shown commitment towards supporting the ISA corpus fund for implementation of solar energy projects on ground.
The Ministry of New and Renewable Energy, Government of India, the International Solar Alliance and TERI are organizing a Corporate Conclave during the second edition of World Sustainable Development Summit 2018. The objective of this conclave is to bring together corporates across the globe to discuss the strategy for leveraging international funds like solar energy fund for market development in ISA countries. This Corporate Conclave will predominantly focus on 1) ISA activities and strategy for future and 2) how countries and corporates can leverage Global Solar Markets through ISA for mutual benefits through sharing of experiences and best practices