The International Solar Alliance is the first international treaty-based organisation that enables co-operation among sun-rich countries lying fully or partially between the Tropics of Cancer and Capricorn.
Speaking at the conference, PM Modi called for concessional financing and low risk funding for solar projects to that the share of solar power can be raised in the energy basket and cheaper electricity can be provided while reducing carbon emissions.
ISA was launched jointly by the Prime Minister Modi and the France President on November 30 last year in Paris on the sidelines of the 21st Conference of the Parties (CoP) meeting of the United Nations Framework Convention on Climate Change, the ministry said.
Paris, Nov 30 (ANI): Prime Minister Narendra Modi along with French President Francoise Hollande launched the International Solar Alliance consisting of around 120 solar-rich countries with India in Paris on Monday. The Prime Minister pledged USD 30 million to host the initiative which aims to attract investments in the solar sector, encourage joint ventures and develop innovative financing mechanisms at affordable cost. He added that International Solar Alliance will collaborate on research and innovation. Prime Minister Modi further said that India will host the International Solar Alliance (ISA) initiative in the premises of the National Institute of Solar Energy.