India can lead the world on solar grid goal: PM

Why in news?

• At the annual Pravasi Bharatiya Divas in Varanasi, Prime Minister Narendra Modi highlighted India’s potential to lead the world in sustainable development.
• He emphasized the people living abroad need to connect culturally with the homeland, and announced that India is planning a pilgrimage scheme for people living abroad.
• In many respects, India can now provide leadership in the world. The International Solar Alliance or ISA is one such platform. He lauded “one world, one sun and one grid.
• He also said that Indians living abroad should work to inspire foreigners to visit the country.
• Apart from noted persons of Indian origin, the event is also being attended by a large number of foreign dignitaries including Mauritius Prime Minister Pravind Jugnauth who will also participate in the Kumbh Mela in Prayagraj.
• Modi also urged foreign-based Indians to contribute to the making of the ‘new India’ and said people of Indian origin living abroad are not far from their place of origin.
• He highlighted government schemes like Make in India and other welfare schemes including the ones that involved direct transfer of cash benefit.

 Future targets

• India, with the support of France, has invited nations to facilitate infrastructure for implementation of solar projects.
• The alliance has been committed $1 tn as investment, and it is committed to making the costs of solar power more affordable for remote and inaccessible communities.
• The alliance will endorse India in achieving its goal of generating 100GW of solar energy and 175GW of renewable energy by 2022.
• The countries shall support each other in research and development as well as other high level activities.
• It is also seen as an alliance by the developing countries to form a united front and to undertake research and development for making solar power equipment within developing countries.

 India’s Initiative

• On June 30, 2016, the alliance entered into an understanding with the World Bank for accelerating mobilization of finance for solar energy.
• The Bank will have a major role in mobilizing more than US $1000 billion in investments that will be needed by 2030, to meet ISA’s goals for the massive deployment of affordable solar energy.
• Till date 48 countries have signed and 26 countries have ratified the Framework Agreement of the ISA. With ratifications by 15 countries, the ISA will become a treaty based inter-governmental international organisation and it will be recognized by UN legally to become fully functionable.
• At the World Future Energy Summit (WFES) held in Abu Dhabi in January 2018, the government of India announced the establishment of a $350 million solar development fund to enable financing of solar projects.

(India & the world)(The hindu)

Pic courtesy:Livemint