ISA may replace Opec as key energy supplier, says PM Narendra Modi

Prime Minister Narendra Modi said on Tuesday that the International Solar Alliance (ISA) could replace the Organization of the Petroleum Exporting Countries (Opec) as the key energy supplier in the future.    

Modi further said that to strengthen the ISA, India would invite nations in the UN General Assembly to be part of the global congregation of solar energy harnessing countries. 

"The role which is played by oil wells today will be taken over by the sun rays. The ISA will meet the energy requirements of the world in the years to come," said Modi. 

Officially announced during the UN Climate Change Conference in Paris on November 30, 2015, the ISA is a partnership of solar resource rich countries. At present, there are 121 countries that have agreed to be members of ISA. The congregation has seen a large participation from Africa, Southeast Asia and Europe.    

"In the future, we must endeavour to ensure that there is 'One Sun, One World and One Grid'. This will eliminate the energy poverty of the world as the sun is always shining somewhere," Modi said.   

Modi also launched the Second Re-Invest Conference. The first conference was held in 2014 and saw an investment commitment of over 200,000 Mw by Indian and foreign investors.  

Modi said that 50 Gw of renewable energy would soon be added to the existing capacity and non-hydro renewable would contribute 20 per cent of total energy.   

"This is the right time to invest in solar manufacturing," he said, adding that he saw an investment potential of Rs 700 billion to Rs 800 billion in solar manufacturing.

The prime minister lauded the progress made by the Indian government in the growth of renewable energy. He said the KUSUM scheme would help in installing 2.8 million solar pumps, which would produce 5 Gw of energy every year.