Sign In
Learn bits
Ecology & Environment
Mahesh

22/10/22 19:31 PM IST

International Solar Alliance to operationalise ‘Solar Facility’ for crowdsourcing investments

In News 
  • The Fifth Assembly Meeting of the International Solar Alliance (ISA) recently approved ’Solar Facility’ — a payment guarantee mechanism.
About the mechanism 
  • Solar Facility is a payment guarantee mechanism under the ISA framework.
  • This initiative was launched to attract investments into the solar energy sector, in line with the ISA goal of unlocking $1 trillion in solar energy investments by 2030. It is also to reduce the cost of financing and technology.
  • The Solar Facility has 2 components – Solar Payment Guarantee Fund and Solar Insurance Fund
  • This facility will crowd-source investments from various private donors from across the world. Under-served solar power projects in Africa will then purchase payment guarantees and partial insurance premiums from this fund.
About ISA meeting 
  • The Assembly is the top decision-making body of the ISA.
  • It convenes annually at the ministerial level to take key decisions towards the implementation of the Alliance’s framework.
  •  The 1st ISA Assembly Meeting was organized in 2018 in Greater Noida.
  • The Delhi Solar Agenda was adopted at this meeting. The 5th Assembly of the ISA was held at New Delhi.
  • 109 countries attended this 4-day event. 
  • India was re-elected as the ISA President and France as the Co-President for the next 2 years. 
Source- The Hindu 

More Related Current Affairs View All

13 Jan

ISRO to attempt ‘docking’ satellites in space

'ISRO SpaDeX Docking Mission: Over the next few days, the Indian Space Research Organisation (ISRO) will bring two small satellites closer together and then join them in space, dem

Read More

13 Jan

Pink fire retardant

'As multiple wildfires continue to torch Southern California recently, authorities are using planes to drop a large amount of bright pink fire retardant to curb the blaze.' Ni

Read More

13 Jan

Genome India project

'The Department of Biotechnology recently announced its new platform and framework for sharing its 10,000 human genome dataset.' The sequences of healthy individuals — fro

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps