World Solar Technology Summit

News: Union Minister of Petroleum and Natural Gas has addressed the first World Solar Technology Summit.

Facts:

• World Solar Technology Summit(WSTS): It has been organised by International Solar Alliance(ISA) and Federation of Indian Chambers of Commerce & Industry(FICCI).
• Aim: To bring together key stakeholders to discuss the highlights of solar technologies, cost-wise; technology-wise, technology transfers, challenges and concerns in the field.

Key Takeaways:

• PSU’s: Five Public Sector Undertakings(PSUs) under the Ministry of Petroleum & Natural Gas will be joining International Solar Alliance (ISA)’s Coalition for Sustainable Climate Action(ISA-CSCA) as Corporate Partners.
• Project Preparation Facility: It has been set up to develop bankable Solar Energy projects in ISA member countries with the help of EXIM Bank of India.
• Solar Compass 360: It is a technology journal launched by the International Solar Alliance(ISA).

Additional Facts:

• International Solar Alliance(ISA): It is a treaty-based international intergovernmental organization jointly launched by India and France on the side-lines of the COP 21 to the United Nations Framework Convention on Climate Change in 2015.
• Aim: To work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
• Objectives: 
  • To collectively address key common challenges to scale up solar energy applications in line with their needs
  • To mobilize investments of more than USD 1000 billion by 2030;
  • To bring about a major decrease in the cost of solar energy
  • To scale up applications of solar technologies in member countries and facilitate collaborative research and development (R&D).
• Members: ISA Framework Agreement has been signed by 86 countries, with 68 having also deposited instruments of ratification.
• Headquarters: Gurugram, India.