The United Nations Framework Convention on Climate Change is expected to recognise the International Solar Alliance in the upcoming session of the Conference of Parties at Marrakech.
According to media reports, the International Solar Alliance – an association of countries lying between the Tropics of Cancer and Capricorn endowed with substantial solar energy resource – will be recognised by the UNFCCC at COP22.
While the exact official modalities of the recognition remain unknown, a stamp of approval from the United Nations will certainly help the Alliance push towards the goal of mobilising $1 trillion for setting up 1,000 GW of solar power capacity around the world.
The idea of such an alliance was first floated by the Indian Prime Minister Narendra Modi just before the COP21 held at Paris. The Alliance was officially floated at the meeting with France committing €300 million.
The Alliance will look to international development banks and financial institutions like the World Bank, Asian Development Bank, and KfW. Private sector companies will also be tapped for rating capital. Fortum Energy, a Finland-based solar power project developer, has already expressed interest in contributing.
India has so far committed to provide $15 million to the Alliance. Several Indian agencies and companies have announced financial commitments to the Alliance while India will host its headquarters.