International Solar Alliance Organizing $1Trillion In Funding For Solar Projects
A global coalition aimed at supporting the use of solar power is expected to announce a slew of projects worth about $700 million during its inaugural conference this weekend in New Delhi, according to government officials familiar with the matter.
The International Solar Alliance, an initiative launched at the Paris climate talks in 2015, plans to unveil 20 projects in as many countries during the event on March 11, said the officials, asking not to be identified as the information isn’t public yet. The event will be attended by Indian Prime Minister Narendra Modi and French President Emmanuel Macron, leaders of the countries behind the ISA’s creation, as well as four prime ministers, 19 presidents and 17 ministers, the people said.
The ISA aims to organize $1 trillion in low-cost financing for solar energy projects by 2030 in sunlight-rich but power-poor countries located around the equator. At least 26 nations, including Australia, Bangladesh and Peru, have ratified its framework agreement, according to the event’s website.
Nine multilateral development banks, including the Asian Development Bank and the World Bank, will also attend the conference and are in talks to support the ISA, the people said.
The coalition seeks to support programs including solar power for agriculture use, affordable financing, mini grids, rooftop installations and electric vehicle and storage initiatives, according to a statement from the Indian government in December when the ISA became a treaty-based, inter-governmental organization.