PM inaugurates first Assembly of International Solar Alliance in New Delhi

Prime Minister Narendra Modi inaugurated first Assembly of International Solar Alliance (ISA) in New Delhi. The same event also marked inauguration of second Indian Ocean Rim Association (IORA) Renewable Energy Ministerial Meeting and second Global RE-Invest (Renewable Energy Investors’ Meet and Expo). United Nations Secretary General Antonio Guterres was present on the occasion.

International Solar Alliance (ISA)

ISA is an alliance dedicated to the promotion of solar energy among its member countries. The ISA Framework Agreement had entered into force in December 2017 and formally became de-jure treaty based International Intergovernmental Organization. It is headquartered at Gurugram, India. The main objective of ISA is to include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US$ 1000 billion into solar energy by 2030. ISA also aims to serve as an action-oriented organization by bringing together countries with rich solar potential to aggregate global demand, thereby reducing prices through bulk purchase. It also seeks to facilitate deployment of existing solar technologies at scale, and promoting collaborative solar R&D and capacity building.

Indian Ocean Rim Association (IORA)

IORA was set up with objective of strengthening regional cooperation and sustainable development within Indian Ocean Region with 21 member states and 7 Dialogue Partners. In, 2nd IORA Renewable Energy Ministerial meet, ministers from 9 member countries and delegates from all 21 member countries participated. IORA is international organisation consisting of coastal states bordering Indian Ocean. It serves as a regional forum, tripartite in nature, bringing together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them.

RE-Invest

It is global platform to explore strategies for development and deployment of renewables. The 2nd Global RE-Invest was built upon success of RE-Invest 2015. It provided international forum to established players as well as new segments of investors and entrepreneurs to engage, ideate and innovate. It also showcased India’s green energy market and Government’s efforts to scale up capacity to meet national energy demand in socially, economically and ecologically sustainable ways. Globally, India stands fifth in renewable power, fourth in wind power and fifth in solar power installed capacity. India is one of world’s largest green energy markets with exponential increase in demand and supply.

Month: Current Affairs - October, 2018