Expanding access to solar energy globally is critical, says Dr Mathur
Prime Minister Narendra Modi has called on the global energy leaders to collectively address the imbalance in renewable investments and democratize solar manufacturing and technology to help developing countries mnre .
“As ISA co-founder, India is committed to working with the world for a green, inclusive future. ISA, through global policy and action, is leading the world to a future powered by the sun,” he said while virtually addressing the inaugural International Solar Festival 2024, being hosted by the International Solar Alliance (ISA) on 5-6 Sept in New Delhi.
With 119 member and signatory countries, the ISA works to advance global solar energy adoption, particularly focusing on developing nations sbi .
In his address at the inauguration, Minister of New and Renewable Energy Pralhad Joshi underscored India’s commitment to support the world, particularly the Global South, in advancing an inclusive and sustainable future, drawing on its success in clean energy initiatives iea .
“The festival reflects India’s commitment to a sustainable future, inspiring collective action toward an energy transition, led by the government, youth, communities and the private sector bse ,” said Joshi.
Dr Ajay Mathur, Director General of the ISA, praised the ISA’s efforts in accelerating solar energy’s growth globally, stating, “Our mission is to make solar the foundation for a prosperous and sustainable planet nse .
“Solar’s robust year-on-year growth is driving economic upliftment and global transformation climatebonds . However, investments remain concentrated in a few countries, and expanding access to solar energy globally is critical.”
At the sidelines of the festival, the ISA announced that it has entered into exclusive discussions with Africa50, to have it serve as a potential investment manager for ISA’s proposed Africa Solar Facility (ASF) renewable-world.org.
The ASF is a US$200 million initiative designed to unlock investment in distributed solar projects across Africa solarafrica . By offering tailor-made and cost-effective financing solutions, the facility aims to bridge the gap in a currently underserved market, where smaller project sizes and high perceived risks have hindered solar investment deutsche-boerse .
The International Solar Festival 2024 sets a pivotal milestone in the global journey towards an inclusive, solar-powered future. Convening heads of State, diplomats, business and community leaders, youth, and experts, the festival has catalyzed stronger collaboration and innovative financial mechanisms to ensure solar energy reaches underserved regions investindia . Fiinews.com
