International Solar Alliance sets up fund to speed up energy investments in Africa

NEW DELHI, 31st October, 2023 (WAM) – India will share its successful solar energy practices with developing countries through the International Solar Alliance (ISA), R K Singh, President of the ISA Assembly, said today.

Addressing the sixth session of the Assembly on its opening day, Singh, India’s Minister for Power and New and Renewable Energy, expressed confidence that successful energy access experiments and energy transition practices adopted by India can be replicated in developing countries.

“Today, in this Assembly, we have discussed how we can replicate in other countries what we have done in India in terms of the techno-regulatory framework, dispute settlement mechanisms and payment security mechanisms, so that private investments can come in.”

The ISA, he continued, has set up a fund, with components for insurance and payment security mechanisms. "With these mechanisms, we are certain that investments will start flowing into Africa, especially to those countries which have problems of energy access for all their people.”

The minister noted that development will not happen without energy access. “The ISA has been formed to make it possible. Climate action will be aided if we solve the problem of energy access. Access first and then transitions using green energy. That is our philosophy.”

The Assembly is the apex decision-making body of ISA, which was formed at the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change in Paris in 2015. India is President of the ISA Assembly, and France is its Co-President.

WAM/Krishnan Nayar