Prime Minister Narendra Modi addressed the inaugural International Solar Festival 2024, hosted virtually by the International Solar Alliance (ISA) on September 5-6. The ISA, comprising 119 member and signatory nations, focuses on promoting solar energy adoption globally, with particular emphasis on developing countries.
In his speech, PM Modi highlighted the need to address the existing disparities in renewable energy investments, stating, “The world must work together to tackle the imbalance in investment within the renewables sector. The widespread availability of solar manufacturing and technology must be prioritised to ensure developing countries can access its benefits. As a co-founder of the ISA, India remains committed to collaborating with the global community to build a green and inclusive future. ISA, through strategic policy initiatives and global action, is leading the transition to a solar-powered world.”
India’s Role in Advancing Global Solar Energy
The Hon’ble Minister of New and Renewable Energy, Shri Pralhad Joshi, who also serves as President of the ISA Assembly, reiterated India’s support for sustainable energy solutions, particularly for the Global South. India is fully committed to promoting an inclusive and sustainable future by building on its success in clean energy advancements. The festival reflects India’s determination to inspire collective action towards an energy transition involving the government, youth, communities, and the private sector,” he said.
Dr. Ajay Mathur, Director General of the ISA, praised the organisation’s ongoing efforts to accelerate solar energy expansion globally. He remarked that the goal is to position solar energy as the cornerstone of a thriving and sustainable world. While solar energy is witnessing significant annual growth, investment remains concentrated in a few countries. Expanding access to solar power worldwide is crucial to driving economic progress and global transformation.”
Major Investment Discussions at the Festival
Alongside the festival, the ISA revealed exclusive discussions with Africa50 to potentially serve as an investment manager for ISA’s proposed Africa Solar Facility (ASF). The ASF, a $200 million initiative, aims to unlock investment in distributed solar projects across Africa. By providing tailored and affordable financial solutions, the ASF intends to bridge the investment gap in a largely underserved market, where smaller projects face high perceived risks, deterring solar development.
International Support for Solar Energy Initiatives
The ISA received praise from global leaders for its efforts in fostering solar energy growth in rural and developing regions. Bhutan’s Prime Minister, Tshering Tobgay, lauded the ISA’s work in advancing solar energy in rural areas through regulatory and capacity-building support. Mauritius’ Prime Minister, Pravind Jugnauth, highlighted the organisation’s role in achieving 30% solar energy by 2030, which is particularly vital for climate-vulnerable Small Island Developing States (SIDS) like Mauritius.
Speeches were also delivered by ISA Vice Presidents and Vice Chairs from the Latin America & Caribbean and Asia & Pacific regions, along with H.E. Damien SYED, Deputy Head of Mission from the French Embassy in New Delhi. France holds the co-presidency of the ISA and continues to play an integral role in advancing the Alliance’s goals.
A Step Towards an Inclusive Solar Future
The International Solar Festival 2024 represents a major turning point in the global push for a more inclusive and solar-powered world. Bringing together heads of state, diplomats, business leaders, youth, and experts, the festival has strengthened partnerships and introduced innovative financial models aimed at bringing solar energy to underserved regions.
