The Solar Alliance has been ratified by a sufficient number of countries to make it operational and will formally become a legal entity on December 6 of this year.
Promote the growth of photovoltaic technology in all developing countries, located between the Tropic of Cancer and Capricorn. This is the ambitious goal set by the International Solar Alliance (ISA) created in 2015 by India. After two years of promotion and agreements, the new intergovernmental body is finally ready to go: the ASI has been ratified by a sufficient number of countries to be operational and will formally become a legal entity on December 6 of this year. As Anand Kumar, secretary of India’s renewable energy ministry, explains, the alliance “aims to install 1000 GW of solar electricity in its member states by 2030“It will be one of the most important global efforts to switch from fossil fuels to cleaner energy sources.
The ISA was presented to COP 21 in Paris in 2015 by Indian Prime Minister Narendra Modi and then French President François Hollande. Today, it has 44 countries, 16 of which have already ratified the Framework Agreement, most of which are countries in Africa, Latin America and the Pacific. But above all, it enjoys the support of a major partner, France, which has not only put the project in the spotlight of the United Nations climate summit, but can also attract the attention of the most important economies. developed on the initiative.
At the heart of the International Solar Alliance is, beyond the target of 1000 GW, the will to promote and make photovoltaic technology accessible in all developing countries of the tropics, where irradiation conditions are more favorable.
But the less clear aspect of the project is how to obtain the necessary financial resources: achieving the goal would require an investment of more than $ 1.2 trillion. Since its inception, there has been a vague discussion of “innovative” financial mechanisms, without going into details. The Indian government plans to invest up to $ 21 million in the project between 2016 and 2021 and is confident that development banks and other financial institutions can help by supporting solar projects through ad hoc financing.