ISA, a treaty-based inter-governmental organisation headquartered in Gurgaon, was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.
Calling upon the developed economies to invest in corpus fund of the International Solar Alliance (ISA), Union power minister RK Singh said on Wednesday that “it is incumbent upon the entire developed world to enable the ISA provide energy access in a clean manner’. He added that “if we don’t do this, then the development will take up the fossil fuel route”.
The minister was addressing the fourth general assembly of ISA, which deliberated on the organisation’s key actions points, including the operationalisation of the ‘One Sun One World One Grid’ (OSOWOG) initiative, the $1-trillion solar investment road map for 2030, and the financial risk mitigation facility.
ISA, a treaty-based inter-governmental organisation headquartered in Gurgaon, was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries. Confirming the European Union’s (EU) support to ISA, Frans Timmermans, European Commission executive vice president for the European Green Deal, announced the imminent launch of an EU-funded project worth around 1 million euros aiming at further strengthening EU’s engagement with ISA. “India is a red-hot investment my friends, a red-hot investment destination for solar power and that can be true for very single member of the ISA,” US special presidential envoy for climate John Kerry said while delivering the keynote address.
ISA’s corpus fund now stands at around $43.2 million. “I am pleased to inform this forum that the Commonwealth of Australia and the Republic of the Union of Myanmar have made voluntary contributions of 1 million Australian dollars and over $100 thousand, respectively to the corpus fund of ISA in FY21,” Ajay Mathur, director general, ISA said.
Earlier PSUs like NTPC, PGCIL, REC, PFC, CIL and PFC had earlier contributed $1 million each to this corpus. Former Union petroleum minister Dharmendra Pradhan had said earlier that five major state-run oil and natural gas PSU’s (Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and GAIL (India) would also contribute to ISA’s corpus fund, without specifying how much these oil companies would contribute.