The International Solar Alliance (ISA), an organisation of 121 countries lying between the Tropic of Cancer and Tropic of Capricorn, all of which get more than 300 days of annual sunshine, was floated by India and France at the COP21meeting in Paris. The ISA will be located in India but it is a global institution and will run independently.
The ISA will play a key role in raising 1,200 billion euros by 2030, to meet the solar energy targets set at the climate conference in Paris, French President Francois Hollande said.
Hollande spelt out the role he expected the ISA to play. "The ISA can pool the solar demands of countries and use the resultant mass effect to bring down solar costs," he said. "We can harmonise solar markets and open them up to reduce costs, both for investors and users. National and local governments should give an impetus by providing a favourable framework for the development of solar power."
Hollande expected the ISA to launch operations from April 22 this year, when nations meet in New York to endorse the COP21 agreements. The goal, set by COP21, was to add 1000 GW of solar power globally over the next 10 years. "The cost of 1,200 billion may seem high, but resources have been identified. There is plenty of financing available, but we have to mobilize it," he said.
French development agencies have allocated 300 million towards developing solar power over the next five years. In addition, Indian Renewable Energy Development Agency (IREDA) and Solar Energy Corporation of India (SECI) will put $2 million in this corpus.