Divert Capital for Green Projects a Goal for Solar Alliance
(Bloomberg) -- The International Solar Alliance, championed by India and France, came into effect Wednesday, aiming to promote affordable sun-powered electricity to its members through global tenders and cheap financing.
The inter-governmental agency, which has been ratified by 19 countries and has 46 signatories to its framework agreement, aims to mobilize $1 trillion of low-cost financing for solar energy by 2030, Upendra Tripathy, interim director general of the alliance said in an interview in New Delhi.
“There is no shortage of capital as trillions of dollars are lying in big funds and our program seeks to help divert this into renewable energy,” Tripathy said, adding that the ISA is exploring green bonds for renewable energy projects and raising money in local currencies to remove hedging risks.
Headquartered in India, the alliance of countries clustered around the equator was first proposed by Indian Prime Minister Narendra Modi and former French President Francois Hollande in 2015 to ramp up the use of solar power to provide cheap access to electricity. The member countries include Australia, Bangladesh and Somalia.
First Tender
The agency is expected to bring out its first global tender for supplying 300,000 solar-powered pumps mainly in India, Bangladesh and Mauritius in the next three months, Tripathy said. The number could increase if more countries express interest in procuring the pumps.
The ISA can help energy-poor countries get access to electricity in a faster and more affordable way, said Arunabha Ghosh, chief executive officer of policy researcher Council on Energy, Environment and Water.
“We can hold the ISA as an example of what effective multi-country platforms can look like,” Ghosh said, adding that it can lower the cost of finance by hedging risks across countries and pooling resources for research.
To contact the reporter on this story: Anindya Upadhyay in New Delhi at aupadhyay22@bloomberg.net.
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Alpana Sarma, Abhay Singh
©2017 Bloomberg L.P.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
