Today, at COP 27, the Global Energy Alliance for People and Planet (GEAPP) signed a grant agreement of $10 million with the International Solar Alliance (ISA) to boost the deployment of solar energy in developing countries.
GEAPP’s mission is to help catalyze a just energy transition by mobilizing public and private capital.
With the funding, ISA will strengthen its programs, build capacities in the least developed countries and small island developing states (SIDs), and bolster its analytics and advocacy efforts.
ISA has been engaging with GEAPP since Glasgow COP 26, as part of its ongoing mission to solarise the world by 2030. Through this partnership, ISA will support its 110 member and signatory countries in developing a vibrant solar energy ecosystem and creating a viable and bankable solar energy project pipeline, building capacities, mitigating risks, creating innovative financing instruments, mobilizing investments, and promoting technologies.
“In all of ISA’s activities, risk reduction is the unifying theme: whether it is for the reduction of risk to investors or reduction in policy risk due to new policies or users due to vulnerabilities of international fuel prices and to climate impacts. Through initiatives progressing from this partnership, we hope to cut these risks and ease solar deployment globally,” said Dr Ajay Mathur, Director General of International Solar Alliance.
Simon Harford, CEO of GEAPP, said: “Energy-poor countries represent about half of the global population. Yet only six percent of all solar PV and wind deployed in 2021 went to these countries. In fact, only one percent of all wind and solar capacity ever deployed has been installed in Africa. This is a trend GEAPP is determined to reverse. We are proud to work with partners such as the ISA to deliver clean energy solutions in cooperation with the government, helping tackle climate change and powering more equitable economic growth and sustainable livelihoods.”
The ISA-GEAPP partnership also covers the exchange of information and best practices, quality assurance of solar products, steps to advance training to strengthen capacities in the technological and financial deployment of solar, building awareness for solar energy, and further deploying innovative technologies.
Headquartered in India, the International Solar Alliance works with governments to improve energy access and security worldwide and promote solar power as a sustainable way to transition to a carbon-neutral future. It aims to unlock $1 trillion of investments in solar by 2030 while reducing the technology and financing costs. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.
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