Fourth Assembly of the International Solar Alliance closes with a promise to achieve $1 trillion global in solar investments by 2030

What is the News?

The fourth general assembly of the International Solar Alliance(ISA) was held virtually.

About the fourth general assembly of ISA

Who chaired the Fourth ISA assembly? It was presided over by the Union Minister for Power, New and Renewable Energy, Government of India and the President of the ISA Assembly.

Who attended it? A total of 108 countries participated in the Assembly, including 74 Member Countries and 34 Observer & Prospective Countries, 23 Partner Organizations and 33 Special Invitee Organisations.

What are the key Highlights of the Fourth General Assembly of ISA?

To achieve $1 trillion global solar investments by 2030: International Solar Alliance (ISA)  announced a partnership with Bloomberg Philanthropies to mobilize $1 trillion in global investments for solar energy across ISA’s member countries. 

Solar Hydrogen Programme: The initiative is aimed at enabling the use of solar electricity to produce hydrogen at a more affordable rate than what is available currently (USD 5 per KG), by bringing it down to USD 2 per KG.

An initiative of demonstration solar projects: Under this initiative, ISA will provide technical and financial support to The Least Developed Countries (LDCs) and Small Island Developing States (SIDs) member countries of ISA to undertake Demonstration Solar projects.

Go ahead for OSOWOG: ISA Assembly gives a green light to the “One Sun”political declaration for the launch of Green Grids Initiative-One Sun One World One Grid (GGI-OSOWOG) at COP26.

About One Sun One World One Grid (OSOWOG) initiative

Origin: The concept of the OSOWOG Initiative was first outlined at the First Assembly of the ISA in late 2018.

Aim: It envisions building and scaling interregional energy grids to share solar energy across the globe, leveraging the differences of time zones, seasons, resources, and prices between countries and regions. 

Benefits: The initiative will help decarbonise energy production, which is today the largest source of global greenhouse gas emissions.

OSOWOG-GGI Initiative:

OSOWOG has joined hands with UKs Green Grids Initiative(GGI) to form a unified GGI-OSOWOG initiative. This initiative aims to contribute to the collaborative, rapid development of resilient grids globally – building on continental, regional and national grid infrastructure programs. 

The UK COP Presidency, the Government of India, and the Presidency of the ISA, are expected to announce this collaboration at the upcoming COP26 in Glasgow.

Source: This post is based on the article “Fourth Assembly of the International Solar Alliance closes with a promise to achieve $1 trillion global in solar investments by 2030” published in PIB on 22nd October 2021.