The World Future Energy Summit (WFES) hosted the first-ever gathering of the International Solar Alliance (ISA), when it discussed the body’s aim of raising $1tn in global solar investments by 2030.
On the sidelines of the event in Abu Dhabi, the ISA also signed a letter of intent with Yes Bank for its first financing commitment of up to $5bn by 2030.
ISA also signed nine solar projects across five ISA member countries, including UAE, Saudi Arabia, Nigeria, India and Spain.
“The best way to get going is to get projects on the ground. That is what we call action to transaction, and that is what ISA is all about,” said Upendra Tripathy, interim director general of International Solar Alliance, a treaty-based international organsation based in India.
Launched at the UN Climate Change Conference in Paris in late 2015 by the President of France and the Prime Minister of India, the alliance is a coalition of sun-rich countries which seeks to increase the use of solar energy and reduce its members’ dependence on fossil fuels.
“Solar energy will play a central role in the new age of energy. Solar is the fastest growing energy source,” said Adnan Z Amin, director general of IRENA, who addressed the forum. Read more on ConstructionWeekOnline.