INTERNATIONAL SOLAR ALLIANCE (ISA)

Very important details about international SOLAR Alliance

  1. The ISA is an Indian initiative, jointly launched by the Prime Minister of India, Shri Narendra Modi and the President of France on 30th November 2015 in Paris, on the side-lines of COP-21, the UN Climate Conference.

  1. The alliance's primary objective is
(a) Work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
(b) Mobilise $1 trillion in funds for the future solar generation, storage and technology across the world.

  1. The ISA, headquartered in India, has its Secretariat located in the Gwal Pahari, Gurgaon, Haryana.

  1. India has offered to meet ISA Secretariat expenses for initial five years.

  1. It is open to all 121 prospective member countries falling between the Tropics of Cancer and Capricorn.

  1. ISA plans to approach multilateral development banks (MDBs) such as Asian Infrastructure Investment Bank (AIIB) to create a special purpose vehicle (SPV) to specifically finance solar projects.

  1. This SPV aimed at financing $150 billion would become a World Solar Bank.

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