- ISA and Bloomberg Philanthropies partner to mobilise $1tr for clean energy.
- ISA aims to support the deployment of 100GW of solar in member countries.
- ISA plans to release an action agenda at COP26.
The International Solar Alliance (ISA) and Bloomberg Philanthropies have signed a partnership to mobilise $1 trillion in investment for solar energy development in member countries. The ISA was launched in 2016 by Indian Prime Minister Narendra Modi, and the organisation aims to mobilise $1 billion of investment for 100GW of solar power.
Despite these targets, solar energy penetration in low-income countries is still low. This is due to the lack of financing that has slowed down the clean energy transition. To accelerate investment in solar energy, Michael R. Bloomberg, the U.N. secretary-general’s special envoy for climate ambition and solutions and founder of Bloomberg Philanthropies, has called for increased cooperation between the public and private sector increased data collection and sharing to identify challenges and opportunities.
ISA plans to launch an action agenda and roadmap for solar investment at COP 26 and in 2022, respectively. ISA believes that the action agenda will provide high-impact opportunities to enable the rapid scale-up of financial mechanisms to meet solar technology needs in different countries. In addition, the roadmap will provide “clear” targets and metrics for the international community to measure progress toward meeting the $1 trillion investment target.