The Council on Energy, Environment and Water (CEEW), in collaboration with the International Solar Alliance (ISA), organized today a dialogue on Renewable energy and the ISA in New Delhi. The event was attended by 25 national focal points (NFP), which are government officials from member countries associated with the ISA.
The ISA recurring NFP Conclaves will be central to its mission of advancing solar energy deployment and development in member countries. pv magazine attended the event to observe one of the very first gatherings of the ISA organization.
At the event, the CEEW signed an MoU with the International Energy Agency (IEA), announcing a joint research project focused on energy investments in India. Arunabha Ghosh, CEO, CEEW, quoted Jean Monnet, “Nothing is possible without Men [& Women – Arunabha added], but nothing is lasting without institutions,” to specify the role of ISA as a new institution for solar development.
Arunabha added, “In its success, the ISA will emerge as a one-stop shop to formulate projects and programs to promote solar applications, develop innovative financial mechanisms and facilitate capacity building, R&D and information exchange through a 24×7 knowledge portal.”
Interim Director General of the ISA, Upendra Tripathy, kicked-off the event and gave some critical data that drives the ISA. He mentioned that 95% of generated heat comes from industry, transport and homes, which is passed on to our oceans. Since oceans play an important role in balancing the ecosystem, it is vital that issues causing sea levels to rise must be tackled. The “poor suffer more than rich,” he said. The ISA, with member countries, will work to mitigate such effects.
Tripathy categorized the objectives of the ISA into two broad points: first, the demand aggregation, and second providing finance for such demand. He mentioned there is a requirement of 500,000 solar pumps from different countries. Therefore, the main issue is how demand and risks can be aggregated.
He revealed that US$1 billion is issued for risk mitigation and stated, “It is a big investment.” Tripathy also mentioned a $40 billion U.S.-Indo investment fund, and a further 125 million pounds U.K. investment that will help support these goals, among others.
Alexander Ziegler, Ambassador of France to India, discussed the key points that may determine the ISA’s success. Firstly, the all member countries must share their aggregate demands and demonstrate a collective strategy according to global needs. Secondly, detailing financial risks – the involvement of public and private actors to help resolve the CEEW’s CRMM study, which will pool multiple risks – as well as political, off-taker, and foreign exchange risks.