Several countries agreed to work towards making International Solar Alliance an intergovernmental body recognised by the United Nations at the sidelines of COP22 Marrakech climate change summit.
More than 20 countries, including India, France and Brazil, signed on a framework agreement that will see the International Solar Alliance become an intergovernmental body under the UN charter. The ISA shall come into official existence under the UN once 15 countries ratify the agreement or officially join the alliance.
Several countries expressed desire of joining the alliance once their domestic legislative processes are complete. India, which first floated the idea of such an alliance, stated that once the ratification is complete the true task of the alliance and its members would begin.
The ISA plans to mobilise $1 trillion to set up 1,000 GW solar power capacity across the world to help people gain access to clean and emissions-free electricity.
The ISA was first announced by India and France at COP 21 Paris climate change summit. France committed €300 million for the alliance while India has so far pledged $15 million. Several Indian agencies and companies have announced financial commitments to the Alliance while India will host its headquarters.
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.