NEW DELHI, Sept. 9, 2024 /PRNewswire/ -- Prime Minister Narendra Modi virtually addressed the inaugural International Solar Festival 2024, being hosted by the International Solar Alliance (ISA) on September 5-6. With 119 member and signatory countries, the ISA works to advance global solar energy adoption, particularly focusing on developing nations.
"The world must collectively address the imbalance in renewables' investments. Solar manufacturing and technology must be democratized to help developing countries. As ISA co-founder, India is committed to working with the world for a green, inclusive future. ISA, through global policy and action, is leading the world to a future powered by the sun," the Hon'ble Prime Minister said.
In his address at the inauguration, Shri Pralhad Joshi, Hon'ble Minister of New and Renewable Energy and President of the ISA Assembly, said, "India is committed to supporting the world, particularly the Global South, in advancing an inclusive and sustainable future, drawing on its success in clean energy initiatives. The festival reflects India's commitment to a sustainable future, inspiring collective action toward an energy transition, led by the government, youth, communities, and the private sector."
Dr. Ajay Mathur, Director General of the ISA, praised the ISA's efforts in accelerating solar energy's growth globally, stating, "Our mission is to make solar the foundation for a prosperous and sustainable planet. Solar's robust year-on-year growth is driving economic upliftment and global transformation. However, investments remain concentrated in a few countries, and expanding access to solar energy globally is critical."
At the sidelines of the festival, the ISA announced that it has entered into exclusive discussions with Africa50, to have it serve as a potential investment manager for ISA's proposed Africa Solar Facility (ASF). The ASF is a $200 million initiative designed to unlock investment in distributed solar projects across Africa. By offering tailor-made and cost-effective financing solutions, the facility aims to bridge the gap in a currently underserved market, where smaller project sizes and high perceived risks have hindered solar investment.
Bhutan's Prime Minister Tshering Tobgay commended the ISA for aiding solar energy development in rural areas through regulatory support and capacity building. Mauritius' Prime Minister Pravind Jugnauth highlighted the ISA's role in achieving 30% solar energy by 2030, vital for climate-vulnerable Small Island Developing States like Mauritius.
The inauguration was also addressed by the ISA Vice Presidents and Vice Chairs from the Latin America and the Caribbean Region and the Asia & Pacific Region; and H.E. Damien SYED, Deputy Head of Mission, French Embassy in New Delhi, representing France's co-presidency of the ISA.
The International Solar Festival 2024 sets a pivotal milestone in the global journey towards an inclusive, solar-powered future. Convening heads of State, diplomats, business and community leaders, youth, and experts, the festival has catalyzed stronger collaboration and innovative financial mechanisms to ensure solar energy reaches underserved regions.
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