First session of International Solar Alliance: PM Modi says ISA to play OPEC-like role for solar needs

By: |
October 02, 2018 8:53 PM

PM Modi said that the government has an aim to add 50 gigawatt (GW) of renewable energy to the existing capacity. Also, non-hydro renewables will contribute about 20% of the country’s total energy needs.

PM Modi invited all members of the United Nations to cooperate for solar energy conservation. (Reuters)

Prime Minister Narendra Modi reiterated that International Solar Alliance (ISA) has the potential to play the role of OPEC (The Organization of the Petroleum Exporting Countries) in near future to meet energy requirements of the world. While inaugurating the first assembly session of ISA on October 2 in the presence of United Nations General Secretary António Guterres in New Delhi, PM Modi said “I believe the role OPEC is playing today, will be played by International Solar Alliance in time to come as far as world’s energy requirement are concerned. Role being played by oil wells today will one day be played by sun rays.” Led by Saudi Arabia, presently OPEC meets about half of the world’s oil requirements.

PM Modi further added that the Indian government is looking to achieve a target of 40% of power generation from non-fossil fuel-based resources by 2030, as part of its efforts to cut its dependency on coal to meet its energy requirements. At present, domestic firms are in the process to implement the government’s plan of commissioning at least 10,000 renewable energy-based micro- and mini-grid projects with a total capacity of 500 MW by 2022.

PM Modi invited all members of the United Nations to cooperate for solar energy conservation. A total of 40 nations’ representatives were present in the assembly. Further, Modi added that the government has an aim to add 50 gigawatt (GW) of renewable energy to the existing capacity. Also, non-hydro renewables will contribute about 20% of the country’s total energy needs.

The event on also marked the inauguration of the second Indian Ocean Rim Association (IORA) Renewable Energy Ministerial meeting, and the Second Global RE-Invest, Renewable Energy Investors’ Meet and Expo, which is aimed at speeding up efforts to increase renewable energy and connect the global investment community with Indian energy stakeholders. The three-day 2nd Global RE-INVEST 2018 is set to be held from 3-5 October, 2018 and more than 600 global industry leaders, and 10,000 delegates will participate in the event.

It may be noted that the ISA, an alliance of 121 countries and most of them are sunshine countries, was launched jointly by PM Modi and Francois Hollande, then president of France, on November 30, 2015 in Paris. Foundation stone for the ISA headquarters in Gurugram district was laid by Modi and Hollande in January 2016.

 

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1U.S. takes aim at China’s ‘unfair trade practices’ at WTO review
2India expected to see higher salary with 9.3 pc hike in 2022: Report
3IMF Chief Economist Gita Gopinath to leave job and return to Harvard University