First World Solar Technology Summit

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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