International Solar Alliance To Mobilize $1 Trillion In Solar Investment

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The International Solar Alliance has reiterated its desire to mobilize $1 trillion in investments to improve solar assets.

Launched by India and France at the UN Climate Change Conference in Paris last December, the International Solar Alliance is made up of governments from 25 countries, all expressly moving to mobilize $1 trillion in investments towards the solar sector — a figure which was posited earlier this year.

At an event held after the signing of the historic Paris Climate Change Agreement in New York on April 22, the International Solar Alliance, hosted by Indian Power, Coal and Renewable Energy Minister Piyush Goyal and French Environment Minister and President of COP 21 Ségolène Royal, reiterated their plans by agreeing “to take concerted action through targeted programmes launched on a voluntary basis, to better harmonize and aggregate the demand for:

• Solar finance, so as to lower the cost of finance and facilitate the flow of more than USD 1000 billion investment in solar assets in member countries
• Mature solar technologies that are currently deployed only at small scale and need to be scaled up
• Future solar technologies and capacity building, through strategic and collaborative solar R&D, to improve the efficiency and integration of solar power as well as increase the number of solar applications available

According to a corresponding press release from the Indian Government, “A common buyers market for solar finance, technology, innovation, capacity building etc., will lead to higher quality, lower costs, products better tailored to needs, collaborative innovation, technology ownership, and a more balanced dialogue with all stakeholders.”

An initial step was agreed that all parties would begin analyzing and sharing the needs, objectives, and obstacles to deployment at scale along the value chain. The International Solar Alliance also launched two new programs — Affordable finance at scale, and Scaling applications for agricultural use (though more information is yet to come to light).