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Interim Director General of International Solar Alliance (ISA) Upendra Tripathy on Thursday said that the alliance hopes to get a ratification from 15 nations to become a legal international body.
"We expect that in the next three-four months we should reach that magic figure of ratification by 15 nations," Tripathy told IANS on the sidelines of a media briefing here.
"Thirty days after the fifteenth nation puts its instrument of ratification and deposit in Ministry of External Affairs in India, it will come into force," Tripathy said. "My guess is that in six months it is possible."
With ratification from 15 nations, ISA will become a legal international body, while as of now it is a de-facto body.
At present, ISA has 25 signatory countries with three countries -- India (the host country), France (co-host) and Pacific island nation Nauru -- ratifying it.
Tripathy on Thursday briefed media on the new initiatives undertaken by the ISA.
Talking of the funding support to the ISA, he said, "We have got Rs 100 crore. India has promised to give Rs 15 crore every year for next five years. In the meantime, we can get voluntary contributions from other countries and bodies. The World Bank has promised $500,000 and I don't think money will be a problem for ISA as the cause is so noble."
ISA is pursuing $300 billion for an insurance fund for over a period of ten years.
"To give assurance of $30 billion a year you need 20 per cent to be kept, that is around $6 billion. Two billion will come from countries with overseas development assistance, two billion we are asking from multilateral banks to give as commitment and another two billion are coming from the green climate fund," Tripathy said.
ISA was launched on November 30, 2015, at Paris climate conference by Indian Prime Minister Narendra Modi and French President Francois Hollande with an objective to provide a platform for cooperation among solar resource-rich countries to increase the use of solar energy.
It plans to mobilise $1,000 billions of investment by 2030 in the solar energy sector.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)