The inaugural International Solar Festival 2024, hosted by the International Solar Alliance (ISA) on September 5-6, saw a powerful call for action from Prime Minister Narendra Modi. In a virtual address, he highlighted the urgent need to democratize solar manufacturing and technology, particularly for developing nations.
The ISA, with its 119 member and signatory countries, works to advance global solar energy adoption. Modi emphasized the importance of addressing the imbalance in renewable energy investments, stating, “The world must collectively address the imbalance in renewables’ investments. Solar manufacturing and technology must be democratized to help developing countries. As ISA co-founder, India is committed to working with the world for a green, inclusive future. ISA, through global policy and action, is leading the world to a future powered by the sun.”
Echoing this sentiment, Shri Pralhad Joshi, India’s Minister of New and Renewable Energy and President of the ISA Assembly, stressed India’s commitment to supporting the global south in achieving a sustainable future. He lauded the festival as a reflection of India’s dedication to this goal, inspiring collaborative action towards an energy transition led by governments, youth, communities, and the private sector.
Dr. Ajay Mathur, Director General of the ISA, highlighted the significant progress in solar energy growth globally, stating, “Our mission is to make solar the foundation for a prosperous and sustainable planet. Solar’s robust year-on-year growth is driving economic upliftment and global transformation. However, investments remain concentrated in a few countries, and expanding access to solar energy globally is critical.”
On the sidelines of the festival, the ISA announced exclusive discussions with Africa50, a potential investment manager for the proposed Africa Solar Facility (ASF). This $200 million initiative aims to unlock investment in distributed solar projects across Africa, offering tailor-made and cost-effective financing solutions to address the underserved market where smaller projects and perceived risks have hindered solar investment.
Leaders from Bhutan and Mauritius, Prime Ministers Tshering Tobgay and Pravind Jugnauth respectively, commended the ISA for its efforts in supporting solar energy development in rural areas and promoting a transition towards sustainable energy sources. They highlighted the ISA’s crucial role in helping countries like Mauritius, vulnerable to climate change, achieve their target of 30% solar energy by 2030.
The International Solar Festival 2024 served as a pivotal platform for fostering collaboration and innovation in the global journey towards a solar-powered future. Bringing together heads of state, diplomats, business leaders, youth, and experts, the festival catalyzed stronger partnerships and innovative financial mechanisms to ensure solar energy reaches underserved regions.
The event underscored the collective responsibility of nations to work together to advance the adoption of solar energy, a key step towards building a sustainable and inclusive future.
