The International Solar Alliance (ISA) will become a treaty-based, inter-governmental global organisation on December 6, according to its Interim Director General Upendra Tripathy.
He was speaking at a curtain-raiser for the founding ceremony of ISAat Bonn in Germany.
In an official statement, Tripathy said that 44 countries have already signed the treaty.
He also spoke on ISA’s three ongoing programmes: facilitating affordable finance for solar, scaling up solar applications for agriculture and promoting solar mini-grids in member nations.
The discussions also covered ISA’s Common Risk Mitigation Mechanism project, which is aimed at de-risking investments in solar energy projects in developing countries, thereby encouraging the flow of funds into the sector.
Speaking at the event, Anand Kumar, Secretary, Ministry of New and Renewable Energy, said he hoped that in the spirit of affirmative action, developed countries will earmark a percentage of the Overseas Development Assistance towards solar energy projects in developing countries.
He suggested that multilateral development banks and other financial institutions provide wholehearted support for solar projects through low-cost finance, and that research and technology institutions worldwide try their utmost to bring the cost of solar power and storage within the reach of all.
Kumar also invited corporates and other institutions to support solar energy development and deployment.
Also speaking at the event, Ségolène Royal, Special Envoy for the implementation of ISA, Government of France, emphasised five key points to accelerate global solar deployment: setting concrete goals, developing and leveraging common tools, enhancing projects, establishing decentralised PV solutions, and forging new partnerships that capitalise on complementary capabilities.