Why In News?
The first World Solar Technology Summit is being organised by the International Solar Alliance (ISA) on 8 September.
Key Points:
- More than 26000 participants from 149 countries have registered to join the virtual Summit.
- The inaugural will witness the rolling of an action-packed agenda with the conclusion and announcement of three agreements between ISA and International Institute of Refrigeration, a second with Global Green Growth Institute and the third agreement with National Thermal Power Corporation.
- A tripartite agreement between India’s Ministry of New and Renewable Energy, the World Bank and the International Solar Alliance is also set to be inked.
- Other new initiatives- ISA’s technology journal, Solar Compass 360 will also be launched during the summit.
- ISA would also launch a journal on Solar Energy (I JOSE) that would help authors from across the globe to publish their articles on solar energy which would be reviewed by global experts.
- International Solar Alliance (ISA) is preparing a detailed project report (DPR) on the creation of World Solar Bank with an authorised capital of USD 15 billion to fund projects.
About World Solar Technology Summit:
- It is an attempt to bring together scientists, engineers and member states to sit down together and think about what the challenges are in realising the dream of making energy affordable and abundant
- Significance- This summit assumes significance in view of India’s ambitious target of having 100GW of solar energy by 2022.
- Objectives- To bring the spotlight on state-of-the-art technologies as well as next-generation technologies which will provide impetus to the efforts towards harnessing solar energy more efficiently.
What is International Solar Alliance or ISA?
- The International Solar Alliance (ISA) is a treaty-based inter-governmental organization of sunshine rich countries set up by India and France
- It was established during the UN Climate Change Conference in Paris in 2015 and it has 75 signatory countries.
- It is working to create a global market system to tap the benefits of solar power and promote clean energy applications.
- Objectives- It paves the way for future solar generation, storage and technologies for Member countries’ needs by mobilising over USD 1000 billion by 2030.
- The ISA plays a four-fold role in establishing a global solar market: it is an accelerator, an enabler, an incubator, and a facilitator.
- It strengthens the climate action in member countries, helping them fulfil the commitments expressed in their Nationally Determined Contributions (NDCs).
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